The official currency rate, which is significantly higher than fair value, may be reduced to N520/$ in 2023, according to a projection by Bank of America.
In a note to clients seen by Bloomberg, Bank of America economist Tatonga Rusike made this disclosure.
You may already be aware of the considerable premium between official and parallel market rates as a result of the Central Bank of Nigeria’s (CBN) foreign exchange policy. Rusike added that the apex bank may devalue its currency to close the gap as a result of this.
