Stears’ Africa FX Monitor has revealed that Nigerians should brace for continued downward pressure on Nigeria’s FX rates, this is even as it projected that the volatility of the Naira will persist in the coming days, with black market rates projected to trade as high as N985 per US Dollar in the short term.
Over the past seven years, Nigeria’s currency has shed over 30 per cent of its value. Despite the recent call to unify Nigeria’s multiple exchange rate system and restore balance to the forex market, Stears’ Africa FX Monitor indicates that market participants are pricing in forex market fundamentals and distortions, leading to ongoing challenges in achieving forex stability.
