May 4, 2022 3:30 PMThe figure represents N1 or 0.2 per cent depreciation compared to theCurrency traders known as Bureaux De Change operators told TheCable that the forex liquidity crisis still persists in the market despite low demands.“People have not really resumed. It may be because of the holiday. Most of the shops are locked. People are not buying, the demand is low, but dollar is now scarce,” Alhaji Musa told TheCable.
The rate hike may significantly affect Nigeria and other emerging markets of the world. It may increase the cost of foreign borrowing, force foreign investors to pull out their funds, causing further depreciation of the naira.
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It gives pool a huge injection of liquidity to really think about doing something incredible.