Nigeria: Naira collapse signals crisis of confidence

  • NGN has reached nearly 1,000/US$ in the parallel market amid FX shortages, bringing the parallel premium to c30%

  • Decisive monetary tightening and FX float are needed but leadership vacuum at the CBN has hampered policy response

  • Chance for pivot when new CBN leadership takes office but failure to do so will signal more pain ahead; retain Hold '47s
September 25th, 2023
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