Nigeria recorded a whopping 52% drop in exports proceeds in the quarter ending June 2020 mostly due to the effects of Covid-19.
The current account deficit is critical to deciding on whether to devalue or not.
PTA on foreign trips by Nigerians rose from $5.59 billion between January and September 2018, to $9.01 billion in the same period of 2019.
Nigeria has a cumulative current account deficit of $9.1 billion and BOP of $4 billion as of the third quarter of 2019
Nigeria's alarming current account deficit is a possible bellwether for a devaluation if it persists.
