Tag
EXCHANGE RATE
The President of the Senate, Godswill Akpabio, assured foreign investors of the safety of their investments in Nigeria, adding that the managed float of the CBN will ensure exchange rate stability for their investments.
Naira depreciated against US dollar at official market on 30th June 2023.
Foreign exchange traders at the official investor and exporter window have raised concerns about the persistent trade of forex at an intra-day low and highs
Nigerian naira weakens against US dollar, trades at N772/$1 on June 22, 2023.
Dangote Refinery has the capacity to strengthen the exchange rate between the naira and the dollar through these ways.
Agusto & Co has predicted a gradual downward adjustment of the official exchange rate to ₦480-500/$ and a simultaneous increase in FX supply.
The exchange rate between the naira and the US dollar at the black market appreciated on Friday, 30th December 2022 to trade at an average of N736/$1
Now that the exchange rate has appreciated, prices are not falling as quickly, resulting in what is known as price stickiness
A black market operator said the initial depreciation was caused by panic buying
Market participants tend to protect themselves by preferring to hold dollars under high and persistent inflation environments
The exchange rate between the naira and dollar at the black market has depreciated by about 50% since the CBN banned dollar sale dollars to bureau de change operators
As pension funds binge on FGN bonds and treasury bills, they face the risk of pissing away pension fund valuations and returns on inflation and exchange rate depreciation.