Naira steadies as exporters post their strongest quarter in two years

The gap between the official window and the parallel market has held under three per cent for eleven consecutive weeks, the longest such run since the reform of the exchange regime. Traders attribute it to steadier dollar supply and clearer rules on who can bid.

Non-oil exports, led by processed agricultural goods, fertiliser and cocoa derivatives, recorded their best quarter in two years. Manufacturers with dollar earnings say the shift has made medium-term planning possible again.

Where the pressure remains

Producers selling only into the domestic market have seen little relief. Electricity tariffs, diesel for backup generation and imported packaging still account for the largest share of cost increases reported in the quarter.

Lending remains expensive. Commercial rates for small manufacturers sit well above twenty per cent, and several firms said they are financing expansion from retained earnings rather than credit.

“Stability is not the same as affordability. We can plan now, but we still cannot borrow at a price that works.”Chiamaka Eze, managing director, Sapele Packaging, Ogun State

What to watch

The monetary policy committee meets next month against inflation that has eased for four straight readings. Analysts expect the first rate cut of the cycle, with the pace tied to how the reform bill passes.