Naira Strengthens Amid New FX Trading System and Eurobond Success

Nigeria’s Naira has made significant gains in the foreign exchange market, closing at N1,537 after starting the week at N1,663/. In this video, Oladipo Ajayi, Head of Fixed Income & FX at Chapel Hill Denham, discusses the factors driving this rally, including the new EFEMS trading system and the oversubscription of Nigeria’s recent $2.02 billion Eurobond issuance. The conversation also addresses concerns about the sustainability of these gains, the balance of supply and demand, and the ongoing challenges in the parallel market. Ajayi explains how the new trading system operates, compares Eurobond yields to other issuances across Africa, and examines Nigeria’s economic stability implications. Join us for a comprehensive analysis of these critical developments in Nigeria’s financial landscape.

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