- The Bank of America has announced that the naira is undervalued and said the exchange rate might peak between N650 to N650 a dollar
- The Bank of America analysts said the appropriate estimate of N680 means the naira is now 12% undervalued
- However, President Bola Tinubu has revealed why he unified the exchange rate and removed subsidies
The Nigerian naira has gone from overvalued to undervalued as Nigeria embarked on foreign exchange rate reforms, according to analysts at Bank of America on Wednesday, June 28, 2023.
The analysts said the naira, currently trading at over N700 to the US dollar, will return to N650-N680 to the dollar.
