Foreign Investor's Confidence In Economy Boost Naira Value, Says CBN

The Central Bank of Nigeria (CBN) has attributed the stability in the foreign exchange market to the sustained foreign investors' confidence in the West African country's economy.
Godwin Emefiele, who spoke at a conference in Lagos on Thursday said the country has been able to attract over $35 billion in foreign investment since the regulatory bank introduced the Investor's and Exporter's foreign exchange window in 2017.
“As a result, exchange rate pressures eased considerably across all markets as the rates converged to about 360/$ and the distortive premium almost eliminated.
"At the Bureau De Change (BDC) segment, we saw a significant appreciation of the naira from over 525/$ in February 2017 to about 360/$ today. Rates at the I&E window also appreciated from nearly 382/$ in May 2017 to just over 360/$,” Emefiele said.
He said the country’s bond continues to be the toast of offshore investors as a result of the stability of the Investors’ & Exporters’ Forex rate and the attractive yields on the local debt.
According to him, Investors are sure that they can exit their positions whenever they desire this, he said has been crucial in attracting other investors into the market.
He also disclosed that since the successful conduct of the general elections in February, the economy has attracted additional $5 billion, noting that the peace conduct of the election has rubbing off positively on investments choice.
Emefiele described the positive foreign capital inflows as a further indication of the continued investors’ confidence in the strength of the economy.