✨  President Tinubu Is Winning The Economy Race

Nigeria's currency has gained N125 against the dollar in the month following the introduction of the Electronic Foreign Exchange Matching System (EFEMS), signalling the potential beginning of a sustained rebound for the naira. On January 3, 2025, the naira strengthened by 8%, with the dollar priced at N1,535, compared to N1,660 on December 2, 2024 - the day EFEMS was officially launched.

EFEMS, which became operational after a successful trial in November 2024, was introduced by the Central Bank of Nigeria (CBN) as part of broader reforms to tackle market speculation and increase transparency in Nigeria's foreign exchange sector. This system is aimed at authorised Nigerian Foreign Exchange Market (NFEM) dealers.

CBN Governor Olayemi Cardoso stressed the importance of these reforms, stating they have unified the exchange rate, cleared outstanding foreign exchange obligations, and boosted business confidence for future planning and investment.

Experts, including Ayodele Akinwunmi, Senior Relationship Manager at FSDH Merchant Bank, attribute recent market improvements to these policy changes. They note that they have improved the supply and transparency of foreign exchange. As a result, customers now have easier access to forex, and exchange rates better reflect market dynamics.

Analysts predict the naira's positive trend will continue in 2025, with the reforms encouraging a more stable and efficient market.

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