The Nigerian naira has moved from overvalued to being undervalued following the government’s recent foreign exchange reform, analysts at the Bank of America said in a June 28 note to clients.
“We now see a USDNGN fair value of 680 per USD (previously 580). However, USDNGN is likely to trade above this level, with year-end 700, and a return to 650-680 in early 2024,” the Bank of America analysts said.
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