Jan 25 (Lagos) - The Naira deflated today to 1400 to 1 US Dollar on the parallel market according to various websites that track that market. This was expected because the way things are going, the lack of any word from CBN on the matter, we can safely assume that the journey to the 1500 mark has started.
The President of the Country has travelled to France for 2 weeks so the leadership vacuum could exacerbate the decline and increase insecurity in the Country.
We can expect the Naira to get to 1500 before the next 2 weeks unless the deflation picks up more momentum and it gets there quicker which is also not out of question.
The hope that the CBN would be able to save the Naira is evaporating quickly and even those that believed in their words during the November pull back, are now having major doubts on their real intentions.
It is good times for currency speculators in Nigeria. The people who hoard the Dollars are being rewarded big time by the CBN and this Government. Anybody who believed in the Nigerian financial system is on the other end of things.
reporting for easykobo.com on Thursday, Jan 25 2024 from Lagos, Nigeria