Nigeria, Feb. 17 -- Similar to an early 2024 spike eventually halted by foreign speculators selling out, the naira began the year with its most significant advance in 13 years. However, the factors at work this time suggest that the plot might develop differently.

According to TNC data, the naira has strengthened 9% since December 2024, rising from N1,662/$ on December 2 to N1,509/$ on February 13. This is the biggest gain among African currencies.

It gained 4 percent (N63.14) in January alone, reaching a seven-month high of N1,478.22/$. The last time the currency's value increased in January was in 2012.

The naira's strength in the parallel market has persisted even though the surge has somewhat slowed in February. The currency stabil...