The company, which projects that the naira would trade at about N850 to the dollar before the end of 2023, also said the willing buyer-willing-seller nature of the foreign exchange market is contributing to the extreme volatility in the FX market.
The firm said the recent efforts to restore a flexible FX regime may be sustained given the willingness to accompany it with tighter monetary conditions. JP Morgan also commented on Nigeria’s plan to obtain $10 billion in foreign currency inflows in the next few weeks to ease liquidity in the foreign exchange market.
Edun had said the approval included concessional loans with zero-interest financing by the World Bank and the International Development Association , the concessional financing arm of the bank.