Naira stabilises at N750/$ ahead of general elections

• Published date: 24 January 2023
• Publication title: Nigeria - The Nation

The naira yesterday held relatively stable against the dollar, trading at N750/$ at the parallel market as the general election approaches.

The local currency closed at N749/$ last week and has been relatively stable after Nigeria regained its position as Africa's top oil producer after pumping over 1.2 million barrels daily last December.

Forex Trader, Aza Finance, Ikenga Kalu, said the increase in production followed efforts by Nigeria to beef up security surveillance for its oil infrastructure to reduce theft.

At the official market, the naira exchanged at N455.56/$ and has remained relatively stable at the market.

Managing Director, Cowry Asset Management Limited, Johnson Chukwu, said to save the naira, Nigeria needs to build an economy that is net exporter of valuable goods and services to earn more dollars.

He said priority should be given to manufacturing and exports to enhance speedy recovery of the local currency.

Global Chief Economist at Renaissance Capital (RenCap), Charles Robertson, said Nigeria is in a difficult position and needs to increase its dollar earnings and other revenue to support the naira.

He said Nigeria should hike taxes, raise more revenue as the country's current position is so bad, that it has never been witnessed in the last three decades.

Robertson, who is also RenCap's Head, Macro-strategy Unit, added: 'Things are not looking pretty good for Nigeria and other emerging markets. Oil production in Nigeria has fallen so badly in...