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Naira Hits N610/$ and Promise of Dangote

Eight Months After AbokiFX Forex Shut Down, Naira Hits N610/$1

Naira for dollar remittance. E-Naira launch. AbokiFX FX unit shut down. Nothing is helping Naira. That should not surprise anyone: the strength of the naira comes from factories (new and old) and warehouses and not from financial engineering in CBN headquarters.

People, this can get really bad before things begin to turn. Why? All the sub-custodians of Naira are asking for political elevations and many Nigerians are telling us how “excellent” they have executed their prior assignments. Yes, Naira is on its own - abandoned!

But there is hope - Nigeria has got Aliko Dangote who has a promise to save Naira. Yes, Nigeria waits for Dangote Refinery as nothing makes sense now! You may not like that summary but without the prospect of Dangote Refinery, the auction would have hit N1,000/$.  I remain optimistic that the Naira will recover primarily because the balance of trade will work in our favour soon, once the refinery begins operations.

 

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