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 News, in May 2021, authorities in Nigeria allowed the naira’s exchange rate against the US dollar to drop from a fixed rate of 381 per dollar to the current official rate of 410. This devaluation, which was the third one in less than 18 months, briefly narrowed the gap between the official and the parallel market rate. However, at the time of writing, this gap had widened again.
Nevertheless, as a Reuters report explains, the CBN chief is now expecting to see this gap shrink. According to the report, the governor said: “The spot naira rate of 410-412 per dollar would eventually weaken by 5% to 10%.” Weakening
Źródło: https://news.bitcoin.com/nigerian-currency-overvalued-by-10-says-central-bank-governor/
