Sovereign Analysis /
Nigeria

Nigeria: Stealth devaluation possibly underway

  • NGN has displayed some volatility of late, with an increasing amount of quotes in the c440-450/US$ range

  • The CBN may be testing the waters for a deval, with a rise in reserves allowing increased intervention in the market

  • Devaluation would be welcome step, but will only be a temporary FX fix without allowing NGN to float thereafter

Nigeria: Stealth devaluation possibly underway
Patrick Curran
Contributors
Ayobami Omole
Janet Ogunkoya
Tellimer Research
2 November 2021
Published by