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    MarketForces Africa » MarketForces News » Naira Hits Fresh Low as Bear Pressures Mount

    Naira Hits Fresh Low as Bear Pressures Mount

    Julius AlagbeBy Julius AlagbeMay 16, 2023Updated:May 16, 2023 News No Comments1 Min Read
    Naira Hits Fresh Low as Bear Pressures Mount
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    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

    Naira Hits Fresh Low as Bear Pressures Mount 1 Naira Hits Fresh Low as Bear Pressures Mount
    Naira Hits Fresh Low as Bear Pressures Mount 2

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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