The naira has been stable for a while.

In fact, over the past 4 months, the naira had exchanged between 360 and 362 naira per dollar and there seemed to be convergence between importer and Exporter, I&E window and the parallel market.

This has been due to consistent intervention by the apex bank including some policy measures aimed at reducing over-reliance on the dollars, such as the Nigeria-China currency swap deal.

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Despite these, professional services firm, Deloitte believes that the naira will depreciate to 400 naira per dollar by 2022.

The firm stated this in its July “Invest in Nigeria Country Report” obtained.

According to Deloitte, the naira’s exchange rate to the dollar had converged at around 360-naira per dollar at both the parallel and official markets by the middle of this year due to the CBN’s frequent injections of the greenback into the forex market coupled with forex liberalisation measures introduced by the apex bank.

It, however, stated: “Analysts estimate that the naira will continue to depreciate due to the global economic slowdown (most notable in China and the US), and the upcoming Nigerian election in 2019.

“However, by 2022 it is expected that the official rate and the parallel market rate will remain convergent at just over 400-naira per dollar.”

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