naira devaluation – DIGIT INFO

Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission

DIGIT — Sun, 20 Nov 2022 10:30:59 +0000

According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of […]

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Report: Bank of America Economist Predicts 20% Devaluation of the Nigerian Currency in 2023

DIGIT — Fri, 21 Oct 2022 08:30:53 +0000

A Bank of America economist, Tatonga Rusike, has said the Nigerian currency is overvalued by as much as 20% and will likely be devalued in 2030. The remarks by the economist came just days after the currency’s exchange rate reportedly touched a new low of just under 750 naira for every U.S. dollar on the […]

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Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike Slammed

DIGIT — Tue, 02 Aug 2022 11:30:03 +0000

The Central Bank of Nigeria should be discontinuing the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators has said. The leader also slammed the recent adjustment of the central bank’s interest rate to 13%, which […]

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Report: Nigerian Central Bank Incentive Scheme Failed to Halt Naira Depreciation

DIGIT — Thu, 07 Jul 2022 10:30:16 +0000

The Central Bank of Nigeria (CBN)’s attempt to incentivize the country’s forex market through the so-called “Naira for Dollar” scheme has failed. This is evidenced by the local currency’s plunge of more than 25% since the launch of the incentive scheme in March 2021. Naira Depreciation The CBN’s scheme that encourages recipients of cross-border remittances […]

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Nigerian Presidency: Vice President Yemi Osinbajo Against ‘Willy-Nilly Devaluation of the Naira’

DIGIT — Fri, 15 Oct 2021 13:30:30 +0000

The Nigerian presidency has denied reports that the country’s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he recently questioned the naira’s official exchange rate. The Huge Arbitrage In fact, according to a report that quotes Laolu Akande, the VP’s assistant, Osinbajo is against “a willy-nilly devaluation of […]

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Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days

DIGIT — Fri, 17 Sep 2021 09:30:45 +0000

The Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021. This new exchange rate means since August 17, the naira has now lost about a tenth of its value on the foreign currency black market. Naira Overvalued In spite of this plunge, which has been […]

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Nigerian Central Bank: We Are Not Worried About the Naira’s Valuation

DIGIT — Thu, 09 Sep 2021 07:30:09 +0000

The Central Bank of Nigeria (CBN)’s director of monetary policy, Hassan Mahmud, has suggested that the institution is not worried about the naira’s valuation but is instead interested in “boosting dollar supply on the currency market.” Naira Depreciation According to a report, Mahmud’s remarks were made just a day after the local currency touched a […]

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Nigerian Currency Overvalued by 10% Says Central Bank Governor

DIGIT — Thu, 01 Jul 2021 11:30:39 +0000

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reportedly told investors that the country’s currency is overvalued by 10%. The governor’s remarks, which have been confirmed by two unnamed sources, suggest that the central bank is planning to devalue the naira again. Another Naira Devaluation Loading As previously reported by Bitcoin.com […]

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New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices

DIGIT — Mon, 21 Jun 2021 11:30:32 +0000

Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said. In addition, the report says ongoing restrictions on the use and movement of foreign exchange are “further pushing up prices of food and agricultural inputs like fertilizer.” Misaligned Exchange Rates […]

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After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

DIGIT — Mon, 14 Jun 2021 18:00:14 +0000

Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped […]

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