Naira stability is driving trade rebound in Africa’s most populous nation.
For importers like Williams Dabo Group, it’s a long-sought relief.
“The stability has helped us to make forecasts for the import of products and raw materials for our industry,” Esther Williams, director and procurement officer at Williams Dabo Group, told BusinessDay.
A predictable naira has meant lower trade costs for the business, “especially Free on Board (FOB),” she said.
Since January this year, the naira has traded within a narrow band, averaging N1,544.25 per dollar, with its strongest pull at N1,477.72 in late January. This is a positive not just for Williams Dabo Group but also other businesses.
“It shows something good has been happening in the macro policies of the central bank over the last two years. We’re now at a new normal,” said George Coleman, CEO of Coleman Wires and Cables.
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