The $3bn oil and gas deal sealed by the Nigerian National Petroleum Company Limited (NNPCL) with Afreximbank will give the Central Bank of Nigeria enough time to source more foreign exchange to defend the naira, JP Morgan Chase & Co has said.
Nigeria is looking for ways to stem the fall of the naira since the CBN adjusted the FX rate at the Investors and Exporters window which is now the Nigeria Foreign Exchange Market (NFEX).
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