Naira is expected to be subject to pressure that will increase ” due to limited external borrowing by the government,”

devaluation is likely to occur after the 2023 elections for the presidency the bank said.

According to a report by Bloomberg, economist Tatonga Rusike stated in a letter to clients on Tuesday,

“three indicators include the black-market rate, which is widely used and the central bank’s actual effective exchange rate

“We believe there is a chance for it to decrease by a similar amount over the next six to nine months, pushing it up to 520 dollars.”

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