Sep 3 (Lagos) - As the CBN restarted selling 10,000 Dollars to BDC's twice a week it could not pull the Naira from the brink of destruction. The Naira did recover to 440 to $1 which is some good news but the expectations were that it will recover to at least below 400 levels.
At the end of last week the Naira was trading around 477 to $1 so the recovery of 7.7% is hardly what the analysts wanted to see.
CBN will have to push harder and supply more and more Dollars to end this nightmare of constant currency devaluations.
Petrol price has been increased to 151 per litre and electricity tariffs have been sharply raised. These are things that are sure to cause labor protests and shutdowns in the country and of course the fuel shortage and black marketing which comes along with the package. We can almost expect the rest of the year to be wasted in these things unless they revise that price increase.
reporting for easykobo.com on Thursday, Sep 3 2020 from Lagos, Nigeria