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This is why the Naira is gaining
This is a band aid, the CBN is attempting to fix a problem it can’t fix without a huge war chest of FX reserves
The CBN is selling at N1,251 so no trader locks in large transactions above N1,251
In essence, the Naira has floated but the CBN is intervening to strengthen the Naira by selling its FX reserves to BDCs at a price below the willing buyer/ willing seller price
Implementations? The Naira will gain value but FX reserves are paying for it
This is a band aid, the CBN is attempting to fix a problem it can’t fix without a huge war chest of FX reserves
The long-term fix is to export
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