Naira plunges to record high ahead of Tinubu swearing-in
With less than two weeks of President-elect Bola Tinubu's inauguration, the naira has fallen to an all-time high of 465.07 naira against the dollar.
According to Bloomberg on Thursday, the Central Bank of Nigeria allowed the national currency to weaken the most in nearly five months.
The naira weakened to a record high of 465.07 to the dollar at 1:11 p.m. Nigerian time, biggest drop since December 29, 2022.
Tinubu, who will be sworn in as president on Monday, May 29, has pledged to end the practice of maintaining multiple exchange rates and pursue a more flexible policy.
In a research note published on Wednesday, Nikolaus Geromont, fixed income analyst at Johannesburg-based Absa Group Ltd, predicted the naira could weaken by up to 15% after Tinubu's accession to the presidency.
He said: "We expect the naira to be adjusted upwards to 530/USD after the presidential inauguration."
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With less than two weeks of President-elect Bola Tinubu's inauguration, the naira has fallen to an all-time high of 465.07 naira against the dollar.
According to Bloomberg on Thursday, the Central Bank of Nigeria allowed the national currency to weaken the most in nearly five months.
The naira weakened to a record high of 465.07 to the dollar at 1:11 p.m. Nigerian time, biggest drop since December 29, 2022.
Tinubu, who will be sworn in as president on Monday, May 29, has pledged to end the practice of maintaining multiple exchange rates and pursue a more flexible policy.
In a research note published on Wednesday, Nikolaus Geromont, fixed income analyst at Johannesburg-based Absa Group Ltd, predicted the naira could weaken by up to 15% after Tinubu's accession to the presidency.
He said: "We expect the naira to be adjusted upwards to 530/USD after the presidential inauguration."
Please share this story:
All rights reserved. This material and any other digital content on this website may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the prior express written permission of PUNCH.
Contact: [email protected]
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