This week, Nigeria’s Foreign Exchange (FX) reserves remained under pressure, declining by $182.17 million when compared to what it was a week ago (WTD) to $35.71 billion as of March 24, 2020.

This was due to offshore outflows which intensified as inflows remain benign.

At the tail end of previius week, the Central Bank of Nigeria (CBN) announced a “re-alignment” of the currency, moving the official and IEW rate to N366.00/$ and N380/$ from N307/$ and N366/$, respectively. Bringing the naira closer to where analysts said is its fair value (N416.42/$ – Cordros’’ estimate base on PPP valuation). Consequently, the naira weakened by 2.5 per cent w/w to N381.50/$ in the I&E Window and by 6.3 per cent to N400.00/$ in the parallel market.

“While we acknowledge that the currency still remains under pressure, we believe the CBN’s FX rate alignment and convergence is a laudable move, which should ease pressures on the balance of payment and curtail speculative attacks on the naira. “Notwithstanding, the size of the recent adjustment might not be substantial enough to buy the CBN enough time before a full-blown devaluation,” analysts at Proshare said.

Recently, the CBN, in a note issued to Bureau De Change operators (BDCs) in the country, suspended the sales of foreign currency for two weeks.

This follows the request made by the Association of Bureau De Change Operators of Nigeria (ABCON) for the CBN to grant them a two-week holiday as a measure to control the spread of the Coronavirus outbreak which is fast spreading in the country.

However, this does not affect dollar transactions in the Investors & Exporters (I&E) window. Thus, portfolio investors, as well as businesses that still require FX for foreign transactions settlement, can access the I&E window. Several businesses currently operate minimal activities as major commercial hubs maintain restrictions in a bid to control the spread of COVID-19.

Add TheNigeriaLawyer On Google News ______________________________________________________________________ ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria. Bonus: Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.

How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com

Ebook Version: Access directly online at: https://selar.com/prv626

______________________________________________________________________ New Year Promo: Get Five Maritime Law Books For N150,000 — 63% Discount The promotion, which commenced on January 8 and runs until February 8, 2026, offers five core maritime law books authored by Dr. Emeka Akabogu, SAN, ordinarily valued at N405,000, for just N150,000 — a 63% discount. Interested buyers can place their orders through the following channels: Phone: 0704 329 3271 Online Store: https://paystack.shop/aa-bookstore Website: www.akabogulaw.com ______________________________________________________________________ [A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation ________________________________________________________________________ The Law And Practice Of Redundancy In Nigeria: A Practitioner’s Guide, Authored By A Labour & Employment Law Expert Bimbo Atilola _______________________________________________________________________