Currencies
Confidence Builds That the Naira Has Finally Found Its Footing
- Nigeria’s currency has hovered in narrow range for past month
- Foreign cash being lured by high rates which likely to persist
Nigeria’s naira has lost 70% against the greenback since foreign-exchange controls were relaxed in 2023.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
A year after an eyewatering slide against the dollar, the naira is enjoying a rare run of stability and analysts expect it to last.
Nigeria’s battered currency has lost 70% against the greenback since authorities relaxed foreign-exchange controls in 2023, including a steep depreciation 12 months ago.