It is also bolstered by the sustained management of the foreign exchange (forex) market, which has reduced the country’s import bill to $1.5 billion monthly from a record high of $5.5 billion as at February 2017. The reserve is rising on the back of the present stability in the crude oil market and the naira is gaining strength. “I doubt if any investor or anyone interested in speculating in the foreign market is holding back the dollar now. Even the fragmented forex market is gradually converging. “When we keep in mind how the implementation of the importers and exporters foreign exchange window (NAFEX) has improved dollar liquidity and promoted stability, the naira’s outlook for 2018 is encouraging.

Source: The Guardian January 26, 2018 04:30 UTC