Tony Elumelu Credits CBN Policies for Naira Stability at Qatar Economic Forum
Nigerian business tycoon Tony Elumelu has attributed the recent stability of the naira to key policy measures implemented by the Central Bank of Nigeria (CBN), including the clearing of foreign exchange backlogs and offering high-yield fixed income securities to attract foreign portfolio inflows.
Speaking at the Qatar Economic Forum, powered by Bloomberg and underwritten by the government of Qatar, Elumelu highlighted the positive impact of Nigeria’s monetary strategies on investor confidence.
“The naira is becoming quite stable,” said Elumelu, who serves as chairman of United Bank for Africa and is a member of Nigeria’s Presidential Economic Coordination Council. “I’d like to see that continuing.”
According to him, the improved forex liquidity and reduced market volatility stem from deliberate efforts to boost dollar supply, especially during a challenging period marked by global trade tensions under former U.S. President Donald Trump.
The naira has traded steadily between ₦1,588 and ₦1,611 to the U.S. dollar in May, a notable shift after a turbulent 2023, which saw several currency devaluations aimed at closing the gap between official and parallel market rates.
Elumelu, who is also the largest shareholder of Transnational Corporation of Nigeria Plc, emphasized that addressing currency instability is vital not only for Nigeria but for emerging economies more broadly.
“Currency volatility is a challenge for Africa and Asia. In the global south, fixing the volatility of our currencies will be very critical for ultimately developing our economies,” he said.