Despite the Naira devaluation by the CBN, Goldman Sachs has opined that it would take an exchange rate of N600/$1 for the naira to be stable at today’s oil prices.
In an article outlining how the COVID-19 pandemic will affect currencies across Africa, Nigeria devalued the naira’s official exchange rate and another used by foreign investors on March 19 as the fall in oil prices ramped up pressure on the currency. But it’s maintaining a system of multiple rates for now. Some analysts say it hasn’t gone far enough, with the investor rate being weakened about 4% to 380 per dollar. Other oil currencies such as the Russian ruble and Colombian peso have depreciated almost 14% in March