Naira Hits Fresh Low as Bear Pressures Mount
Nigerian naira has crossed a new redline as bear pressures mount. The exchange rate printed at N463.47 per the United States (US) dollar in the afternoon, it had closed at the investors and exporters window at N464 yesterday.
The imbalance created by higher demand for foreign currency and lower supply pushed the rate to a level not favourable to manufacturers in the local economy. And at the National Autonomous Foreign Exchange Fixing (NAFEX) exchange rate worsened to N465.
Naira slumped across forex dealmaking, amidst analysts’ calls for weak near-term performance.
The FX rate is projected to cross N500 in 2023 without suitable reforms that drive foreign inflows into the Nigerian economy. Like local counterparts, a slew of foreign interests maintains the stance that Naira is overvalued in the official window. #Naira Hits Fresh Low as Bear Pressures Mount
