Turning the Corner: A New Compact between Nigeria's People and State

THE FX MARKET CONTINUES TO BE VOLATILE AND PARALLEL PREMIUM PERSISTS... After nearly closing immediately after the FX reforms in end June, the parallel market premium has widened again to a 20-40% range Naira per US dollar 1,500 1,300 1,100 900 Parallel market rate 700 500 300 Pre-reform FX premium = 60% NAFEM closing rate 1/4/2023 1/19/2023 2/3/2023 2/18/2023 3/5/2023 3/20/2023 4/4/2023 4/19/2023 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 5/4/2023 FX reform 0-5 % Post FX premium 20-40% 5/19/2023 6/3/2023 6/18/2023 7/3/2023 7/18/2023 8/2/2023 8/17/2023 9/1/2023 9/16/2023 10/1/2023 10/16/2023 10/31/2023 11/15/2023 11/30/2023 Source: CBN, AbokiFX, FMDQ, WB 21 24

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