Naira bullish outlook softens as Dollar muscle outweighs CBN’s present playbook - Nairametrics
Naira bullish outlook softens as Dollar muscle outweighs CBN’s present playbook - Nairametrics
Source: Nairametrics
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DW NOTE
The naira is weakening because Nigeria has no dollars and the central bank has no credible plan to change that. The country runs chronic current account deficits, oil revenue has collapsed with production stuck below 1.3 million barrels per day, and forex reserves are insufficient to defend the currency against persistent import demand. The CBN can announce intervention schedules and liquidity guidelines all it likes — without dollar inflows, it's defending a rate with ammunition it doesn't have.