Ubah: Naira Set for Further Gains as FX Market Stabilises
Investment expert Ifeanyi Ubah predicts the Nigerian naira will strengthen due to reduced speculative activity and improved economic fundamentals. He suggests the currency could appreciate significantly if current monetary policies remain consistent.
Why it matters
Currency stability is critical for Nigeria's economic outlook and its transition toward becoming a net exporter.
Ifeanyi Ubah says reduced FX speculation and improving economic fundamentals could strengthen the naira in coming months.
Chief Investment Officer at VNL Capital Asset Management, Ifeanyi Ubah, has expressed optimism about the outlook for the naira, saying the local currency is on an appreciation trajectory despite the sharp decline in foreign exchange turnover.
Speaking during an interview with ARISE NEWS on Saturday, Ubah said the recent decline in FX turnover should not be interpreted as weakening demand for foreign exchange but rather as evidence of reduced speculative activity and improving market stability.
On the decline in FX turnover, he said: “The turnover wasn’t sustainable initially. But as we see it crash, it also mean good news for our currency appreciation.”
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