JP Morgan: Oil Firms Should Sell Forex Proceeds On Interbank Market

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JP Morgan, a US multinational financial services firm, has advocated that oil exporting companies be encouraged to sell forex proceeds on the interbank

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.

 

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