Part 6/8:
Looking ahead, Umuena expressed cautious optimism regarding the Naira's future, particularly in light of positive trends in oil and cocoa prices. These commodities increase Nigeria's FX earnings potential, which could bolster the Naira’s value if sustained over time. However, she stressed that any gains might only be temporary until consistent patterns of stability and appreciation are established.
As Nigeria aims to climb out of its economic challenges, monitoring oil prices will be crucial. The volatility in the oil market inherently affects the Naira, and a rise in oil prices does not immediately translate to benefits unless accompanied by increased production levels.