For di foreign exchange market, Naija naira don show strong face as e gain ground against di United States dollar, finally land for N791.75 to $1 for di official market. According to tori wey come from di FMDQ Securities Exchange, di naira run go up by 5.87%, wey be N49.39 compared to di last day rate wey be N841.14/$1 for di Nigerian Autonomous Foreign Exchange Market.
Dem bin dey expect say naira go carry first because of di way Central Bank of Nigeria recently clear some backlog for foreign exchange. Investors wey wan buy dollar highest bid na N1120/$1, while di lowest bid be N701/$1. Dis one show wide spread of N419/$1. Forex turnover as di trading close na $157.78m.
CBN bin talk last week say dem don start di work to clear di backlog for foreign exchange forward contracts. Experts talk say dis one go helep naira, business people, and di whole economy. Since foreign investors comot from local assets, dollar dey scarce, and investors never show face. Na so central bank dey struggle to see dollars wey dem go fit give pipo for di country.
Di central bank payment follow di announcement by di finance minister, Wale Edun, on October 23, say Nigeria go soon get $10bn wey go helep forex market. Dis one go helep local banks wey don dey find am hard to give customers money because dollar no dey well.
One talk talk pesin for Lagos Chamber of Commerce and Industry, Gabriel Idahosa, talk say as CBN dey clear forex backlog, e go boost confidence for di market. “Di new move wey CBN use clear backlog with international lenders show say dem dey ready to do business. E go boost di confidence of investors and international airlines. E go also bring foreign direct investments,” Idahosa yan.