Tag: Dollars

Bank of America forecasts Naira official rate falling to N520 after 2023 Polls

Aminu Imam

Nigerias local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America, (BofA). Three indicators – the widely-used black-market rate; the Central Bank of Nigeria (CBN)s real effective exchange rate, and our own currency fair-value analysis – shows the naira is 20% overvalued, it stated, in a note to clients yesterday. We see scope for it to weaken by an equivalent amount over the next six-nine months, taking it to as high as…

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CBN instructs BDC operators to sell dollars at N386/$

Ishaku Yohanna

The Central Bank of Nigeria (CBN) says it will resume weekly forex sales to Bureau de Change operators from August 31. In a circular signed by O.S. Nnaji, director of trade and exchange department, the apex bank said BDCs must not exchange the naira at more than N386/$. The apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex particularly to travellers since the resumption date for international flights has been announced. Musa Nuhu, director-general of the Nigerian Civil Aviation Authority (NCAA), announced…

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