September 14, 2020/Coronation Report
The past three weeks have seen an unusual number of macroeconomic changes. The Central Bank of Nigeria (CBN) announced plans to clear the backlog of foreign currency demands and began supplying US dollars to the Bureaux de Change (BDC).
Nigeria won an important High Court case in London. And oil prices fell. However, we don’t believe that Nigeria’s policy mix (low interest rates combined with holding the currency) will change any time soon.