Nigerian business tycoon Tony Elumelu has expressed optimism about the stability of the naira, citing its recent performance as a positive indicator for investors in Africa’s most populous nation. Speaking at the Qatar Economic Forum, Elumelu noted that the naira has been hovering between 1,588 and 1,611 per dollar this month, a significant improvement after facing volatility since 2023.
“The naira is becoming quite stable,” Elumelu said. “I’d like to see that continuing.” This stability is attributed to Central Bank of Nigeria policies, including clearing dollar demand backlogs, offering high-yield fixed-income securities to attract portfolio inflows, and increasing dollar supply to the forex market
Elumelu emphasised the importance of currency stability for economic development, particularly in the global south. “Currency volatility is a challenge for Africa and Asia. In the global south, fixing the volatility of our currencies will be critical for ultimately developing our economies,” he stated.
The naira’s stability has been welcomed by investors, allowing them to better plan for activities in Nigeria. Elumelu’s sentiments were expressed during the Qatar Economic Forum, which is underwritten by the government of the State of Qatar and powered by Bloomberg.
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