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USD-NGN likely to adjust to a higher equilibrium later this year

Tuesday, March 17, 2015 6:28 AM UTC

The Central Bank of Nigeria is likely to cap the upside for USD-NGN for now at its special intervention auctions and limit trading in the illiquid FX interbank market, but this implies that FX reserves will decline further.

Standard Chartered notes as follows..

We and the market think the authorities will eventually be forced to let USD-NGN move to a higher equilibrium, around 220 in Q3-2015.
Such levels may be supported by fresh interest in highyielding Nigerian naira (NGN) debt and a recovery in oil prices.

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USD-NGN likely to adjust to a higher equilibrium later this year

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