Naira rallies on back of rising foreign reserves

The naira rallied to a recovery at the weekend on the back of sustained increase in the country’s foreign exchange reserves.This came as the nation’s forex reserves rose by additional $73.05 million to $32.74 billion. It was the fifth consecutive accretion in the continuing buildup of the reserves.

Analysts expected that changes in forex management rules, steady improvement in crude oil production and upbeat in global oil price could help the country mitigate its volatile forex situation.President, Association of Capital Market Academics in Nigeria, Prof Uche Uwaleke, said any increase places the CBN in a stronger position to meet forex obligations as well as intervene in the forex market.

According to him, to curb the demand pressure, government should compel a change in consumption behaviour by enacting a ‘Buy Nigeria law’ akin to the ‘Buy America Act’ of 1933 and recently the ‘Build America, Buy America Act’ of 2021. Governor, Central Bank of Nigeria , Dr Olayemi Cardoso, has outlined that ongoing efforts to strengthen the country’s forex position would lead to increased stability in forex reserves and naira.

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