The naira rose against the dollar in the peer-to-peer trading market after unconfirmed reports that CBN’s official exchange had been devalued to N631/$ from N461.6/$.
NGN/USDT traded as high as N712/$ after previously closing at N758 on Wednesday. This came after President Bola Ahmed Tinubu announced the federal government’s plan to unify the country’s exchange rates to boost the economy.
Recall that the Pan-African credit rating agency, Agusto & Co., had forecast a gradual decline in the official exchange rate to 480-500/dollar this year. This would likely to lead to the black market rising to N650~N680/$.
Moreover, a recent report from Johannesburg-based financial services firm Absa Group Ltd said Nigeria’s currency would depreciate by 15% after President Tinubu assumed office. The report by Absa Group said the depreciation would help to deal with Nigeria’s severe trade imbalance and dollar shortage.
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