Convert Us Dollar To British Pound

As a result of growth in the trade industries sector and agricultural sector in the fourth quarter of last year, Nigeria's economy grew at a quicker rate than predicted by the central bank and the government last year. The currency tends to be quite stable for months at a time, and then depreciates sharply when pressures on foreign reserves increase and the CBN accepts a weaker exchange rate. Policymakers have kept the currency essentially stable against the US dollar since June 2021, following a 30% of depreciations during the Covid-19 crisis, from February 2020 to June 2021 . At Fitch Solutions, we expect that the Central Bank of Nigeria will intervene in order to keep the naira/US dollar exchange rate near the current NGN416/USD rate over the duration of 2022.

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