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Nigeria Foreign Exchange Crisis: Worsening US Dollar Shortages Point to Further Devaluation

Pressure on Nigeria’s current exchange rate is likely to get worse in 2021, when the expected recovery of imports is set to force another devaluation of the local currency to N430/$ next year, according to two Bank of America analysts. Earlier rate adjustments, one in March and another in July, already appear to have failed to ease the pressure. Before the latest devaluation, the Central Bank of Nigeria (CBN) maintained an exchange rate of N360/$. Since the devaluation, the Naira has officially been trading at N380/$ and higher. In their predictions published in the local media, the two analysts, Rukayat…

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