Monday, November 5, 2012

It All Ends: Naira gains Strength and Stability

Nigeria: Naira gains strength and stability

The Nigerian Naira has gone from being second worst performer worldwide to Africa's second best performer within a year.
According to Business Day, the Naira is up 3.4% versus the dollar beating South African Rand which is down 7%, Kenyan Shilling down 0.4% and the Ghanian Cedi down 15.3%
The Naira closed at N157.06 a dollar last Wednesday in Lagos.
All credits goes to CBN governor Sanusi and his policies.
“The naira continues to receive some support in foreign inflows from the global search for yield,” Vetiva Capital Management Ltd. analysts led by Adedayo Idowu wrote in an e- mailed note today. Naira's performance is a key indicator of economic stability


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