The naira’s march to fair value

The devaluation of the Nigerian naira earlier this year appears to have brought it much closer to fair value, which will help to put the balance of payments on a more stable footing. The key now is for the CBN to allow the naira to move in line with market forces. If this occurs, we expect a further modest depreciation of 10% to around 1,800/$ by the end of this year.

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