For most speculators who bought forex at less than N400/$1, they are pondering whether to sell
Naira weakened by N0.33 against the dollar when compared to the N386 to a dollar that it traded on last week Friday.
The Naira has appreciated to N386.94 against the US dollar at the Investor and Exporters (I&E) window.
Nigeria’s 5 years onshore Non-Deliverable forward contract posted its biggest drop by plunging 27% from N413.36 to close at N569.69.
CBN intervenes in the foreign exchange market, the local currency, naira, on Monday May 4, 2020, appreciated against the dollar
The outbreak of COVID-19 and the sharp downturn in crude oil prices have continued to stoke fears of a further devaluation in the Naira.
The IMF wants the CBN to end some of its harshest policies including lifting the forex ban on 41 items.
The Central Bank of Nigeria (CBN) on Friday moved the official exchange rate from N307/US$1 to N360/US$1.
The central bank of Nigeria has devalued its official exchange rate from N307/$1 to N360/$1.
The report explains why a 5-10% devaluation of the naira is plausible amidst the CBN's recent monetary policies.