Naira Heading For Devaluation, Analysts’ Consensus
A slew of investment banking analysts has consistently maintained a position that the Nigerian naira is relatively overvalued, saying the monetary authority is merely postponing the inevitable. Naira closed the week at N445.33 versus the United States dollar at the Investors’ and Exporters’ foreign exchange window.
In the foreign exchange markets, the naira has held steady against the United States dollar after spurious demand that hit the system hard and fast following the decision to redesign the local currency.
Naira has dropped to N446 against the United States dollar at the Investors’ and Exporters’ foreign exchange window in 2022, from an average exchange rate of N415 earlier in the year.
Forces of demand which appear to be stronger than supply in the local FX markets have r...
