Fitch Shares Its Insight on Naira Performance Against US Dollar [Video]

• Fitch Ratings has expressed caution about the stability of Nigeria’s foreign exchange market despite several assurances
• The agency believes that the Central Bank of Nigeria and other efforts have yet to yield a positive result
• There is a glimmer of hope for CBN as Nigeria’s gross foreign exchange reserves rose to $39 billion in October

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

According to Fitch Ratings, Nigeria’s foreign exchange market continues to face instability despite various interventions from the Central Bank of Nigeria (CBN).

The rating agency stated this in its latest report published on its website.

Fitch noted that although the Central Bank of Nigeria has made efforts, the pressure on the naira is still high.

The agency stated:

“The Central Bank of Nigeria …