Tag: Naira exchange rate

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 should abolish official exchange rate BDC operators

Aminu Imam

The Central Bank of Nigeria (CBN) should float the naira to halt its further depreciation, the President of the Association of Bureaux Des Change (BDC) Operators of Nigeria (ABCON), Aminu Gwadabe, has warned. Gwadabe, who made the appeal at the weekend in an interview with newsmen in Lagos, said the CBN should do all within its powers to undertake a sustained injection of the US dollar in the market in order to reverse the loss in the value of the naira at the parallel market. The Naira has been on…

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