Part 4/5:
The Nigerian Naira also demonstrated an impressive performance in January, rebounding from previous low levels. By the end of December, the Naira was trading at about 1,600 naira to a dollar, and it strengthened to around 1,400 naira. Chuka attributes this improvement to effective strategies implemented by the CBN that have attracted Foreign Direct Investments (FDI), contributing to a decrease in demand pressures on the Naira.
As February approaches, there is anticipation for continued positive momentum for the Naira. With expectations for similar interventions from the CBN, stakeholders remain hopeful that the currency will sustain its strength as the effects of recent measures become more pronounced.