The value of Nigeria’s export may rise to at least N41.99tn per year following the Central Bank of Nigeria float of the naira.
The apex bank had last Wednesday directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market, to bridge the gap between the official and parallel market rates of the naira.
Following the move, the naira fell from its 471/dollar to 664.04/dollar and closed the week later at N663.04/dollar. According to the International Trade Center, Nigeria’s total export in 2022 was $63.34bn. At N448.55/dollar , its naira equivalent was N28.41tn. But now , its naira equivalent would translate to N41.99tn.
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