Resolving currency instability is vital for economic growth across emerging markets
Elumelu Hails Naira Stability at Qatar Forum, Says Nigeria Now More Investor-Friendly
By Lukman Omikunle
DOHA, Qatar — May 20, 2025 — Nigerian business leader Tony Elumelu has praised the recent stability of the naira, describing it as a positive signal for global investors eyeing opportunities in Africa’s largest economy.
Speaking at the Qatar Economic Forum, Elumelu—Chairman of United Bank for Africa (UBA) and a key member of Nigeria’s Presidential Economic Coordination Council—said the naira’s steadiness in recent months is making it easier for investors to plan and engage with the Nigerian market.
“The naira is becoming quite stable,” Elumelu said. “I’d like to see that continuing.”
In May, the naira has traded within a relatively narrow range of 1,588 to 1,611 per dollar, a notable shift from the turbulent currency swings seen since 2023. The turnaround is credited to deliberate reforms by the Central Bank of Nigeria (CBN), including efforts to clear a backlog of unmet dollar demand, offer attractive yields on government securities, and enhance foreign exchange supply.
Elumelu emphasized that resolving currency instability is vital for economic growth across emerging markets. “Currency volatility is a challenge for Africa and Asia. In the global south, fixing the volatility of our currencies will be critical for ultimately developing our economies,” he said.
Elumelu, who is also the largest shareholder of Transnational Corporation of Nigeria Plc, underscored the broader impact of monetary stability on investor confidence and economic planning.
The Qatar Economic Forum, underwritten by the State of Qatar and powered by Bloomberg, gathers global economic and policy leaders to discuss pathways to sustainable growth in developing economies. Read More
