Investor Presentaiton
THE REFORMS HAD AN IMMEDIATE IMPACT ON THE OFFICIAL FX MARKET
With the IEFX and parallel market rates converging, Nigeria has made rapid progress towards re-establishing a
unified, market-reflective FX rate
The re-introduction of the willing buyer willing seller
mechanism has allowed price discovery in the I&E window...
Naira/US$
800
...and the premium between the official and the parallel
rates dropped substantially to below 10 percent
150.4
160
Parallel rate
140
750
120
700
100
Average June, 14 - 20: 711 N/US$
80
650
60
600
40
20
550
0
500
IEFX rate
450
400
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
NIGERIA
THE WORLD BANK
IBRD ⚫IDA | WORLD BANK GROUP
Sources: FMDQ and Aboki rates
Syria
Iran
Parallel rate
premium
90.9
I
I
Argentina
87.1
Ethiopia
84.1
Zimbabwe
Burundi
NGA (May 2023)
Algeria
72.1
63.0
63.0
53.5
Malawi
45.4
Myanmar
36.0
Congo, DR.
14.1
Angola
11.1
NGA (14-19 June)
8.6
Bangladesh
6.9
Lao PDR
6.8
Ghana 6.7
Sources: Aboki rates and World Bank
Libya ■6.2
Mozambique 4.4
Ukraine 3.2
Sri Lanka 2.8
Sudan 2.6
Venezuela
0.9
23
23View entire presentation