USD against Naira on the parallel market
On declaration of Bola Tinubu winner of the 2023 Presidential General Election by the Supreme Court, Naira appreciated by ±28% on the parallel market (Fundamental Analysis) in 2 days. The market soon bounced exactly from ₦1,000 (institutional mark) & has tentatively stabilized at a FVP of ±₦1,150. Zooming into 4H, there seem to be some correlation with technical analysis. Though there isn't much to cling to with regards the status of the countries economy, I however believe we ought to look beyond sentiment.
A bearish flag formed. ₦950/$1 before the end of the year is plausible.
A bearish flag formed. ₦950/$1 before the end of the year is plausible.
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