Nigeria’s currency has been stable in recent months, allowing investors to better plan for activities in Africa’s most populous nation, according to billionaire business tycoon Tony Elumelu.
The naira has hovered between 1,588 and 1,611 per dollar this month, after facing recurrent volatility from 2023 because of devaluations intended to lure inflows and end dollar shortages in Nigeria.
“The naira is becoming quite stable,” Elumelu, who is the chairman of United Bank for Africa and a member of the Presidential Economic Coordination Council in Nigeria, said at the Qatar Economic Forum. “I’d like to see that continuing.”
Central Bank of Nigeria policies that included clearing a backlog of dollar demand, offering fixed income securities at high yields to attract portfolio inflows and boosting dollar supply to the forex market in the wake of US President Donald Trump’s trade war helped stabilize the currency.
“Currency volatility is a challenge for Africa and Asia. In the global south, fixing the volatility of our currencies will be very critical for ultimately developing our economies,” said Elumelu, who is also the biggest shareholder of Transnational Corp. of Nigeria Plc.
The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg.
Source: Money Central
