Financial market analysts have welcomed Monday’s decision
by the Central Bank of Nigeria (CBN) to lower the naira exchange rate for retail invisibles such as business and personal travel allowances, school fees and medical fees to N360 to the dollar, from N375.
Describing the move as a show of strength by the central bank and its capacity to defend the naira, they however cautioned the bank to be conscious of its maturing obligations and potential risks in the global market, especially volatile crude oil prices.
