They anticipate a potential intervention from the Central Bank of Nigeria to stabilise the naira and curb further depreciation.
CNBC AFRICA
Traders at Access Bank have reported a surge in demand for the U.S. dollar following the imposition of tariffs on Nigeria’s exports to the U.S. The increased demand, particularly from Foreign Portfolio Investors, has raised concerns over the naira’s depreciation. Analysts predict that the Central Bank of Nigeria may intervene to stabilise the currency and prevent further declines.
Meanwhile, the bond market is facing continued weakness, with investors wary of selloffs in 2031 and 2035 maturities. Ebube Uneze, Treasury Team Member at Access Bank, spoke with CNBC Africa, providing insights on these ongoing market developments.