The Central Bank of Nigeria, CBN, is set to put the peg back on the naira’s exchange rate to the dollar at the official market, Proshare says.
An Excerpt from them reads :
Unable within its own self-imposed 7 day (168 hour) deadline to reconcile the contradictory monetary economic principles undergirding a promised flexible exchange rate regime, with a concomitant vow by President Buhari against a Naira devaluation – the Nigeria central bank is poised to again reverse course and rather tweak the current illiquid managed fixed peg exchange rate regime.
A free float could have seen the Naira fall temporarily to 380-400/$1USD or spike even higher. A tweaked regime postpones the day of truth.