Dec 9 (Lagos) - The Naira rebounded to 1610 levels in the parallel market according to websites that track that market after an unexpected appreciation late last week. The CBN introduced a new FX bidding system via Bloomberg which has created a more transparent market and has led to this much needed rebound the currency.
However, the appreciation needs to continue and gain momentum for it to have meaningful effect on prices of goods and services in the Country. The movement in the right direction is a welcome development towards where the economy needs the Naira to be going.
FG also raised $ 2 billion via eurobond sales last week which boosted sentiment and brought some hope into the Naira even if for short term. The USD has been strengthening against major currencies so the Naira rebound is commendable but this needs to be gather momentum and be sustained.