With the recent 5.5 per cent devaluation in naira at the SMIS window, what currency risks are Nigerian businesses exposed to? Winston Osuchukwu, Co-Founder of Trans-Sahara Incorporated joins CNBC Africa for more.
No doubt Nigeria's currency has come under pressure in recent months; the Central Bank of Nigeria says it is working towards the gradual unification of exchange rates. But what does the CBN's recent move in asking lenders to bid for dollars at 5 per cent above the official rate mean for the markets going forward? Victor Aluyi, Head of Portfolio Management at Comercio Partners joins CNBC Africa for more.
CFG Advisory says the pandemic shock and the naira devaluation are expected to have a negative impact on the Nigerian economy. Tilewa Adebajo, CEO of CFG Advisory joins CNBC Africa for more.
Traders at United Bank for Africa (UBA) say they do not forecast pressure on the Naira as the Investors and Exporters window has been relatively stable, while the Central Bank of Nigeria has continued to use the FX reserves to defend the Naira. Nkechi Ezugha, Forex Trader at UBA joins CNBC Africa for more.
The naira appreciated by 0.1 per cent to 362 naira 21 Kobo at the Investors and Exports (I & E) window on Monday, while parallel market rates weakened by 0.3 per cent. To review Nigeria's money market as the U.S face-off with China escalates, Chioma Udu, Forex Dealer at GT Bank joins CNBC Africa for more.
Traders say Federal Account Allocation Committee (FAAC) inflows valued at 320 billion naira bolstered market liquidity in Nigeria’s Money Market as the Central Bank of Nigeria auctioned T-bills worth 89 billion naira on Wednesday. Nnamdi Olisaeloka, Fixed Income, Currencies and Commodities Analyst at Zedcrest Capital joins CNBC Africa for more.
Following the Central Bank of Nigeria’s new policy on the manhandling of naira notes, CNBC Africa took to the street of Lagos to find out reactions.