This broke down when a positive balance of payment was treated as a negative. Nigeria continues to show that exports exceed imports which essentially should ensure Naira is not under pressure. CBN data also shows that total fx inflow exceeds outflow (combining CBN and autonomous sources) which further highlights the fact that the issues faced are self created. CBN has never shown the willingness to have a single fx market by closing all avenues for a parallel market to thrive. Until this is done, the status quo will remain the same. Issue is not the value of Naira which might even be under priced at the moment, issue is the manner in which the CBN manages the market.