Naira To Devaluate To N263 per Dollar Over the Next 12 Months - Analysts

The superficial impression is one of a central bank lacking a clear strategy. Yet for all the confusion of the last few months, the reality is that the CBN is being asked to carry the burden of a very difficult adjustment on its own.

The government did little to help during the good times, in our view, running down savings when oil prices were high, and is now at a political impasse over the 2015 budget. 

With parliament on recess until after the poll, it could be July before the eventual 2015 budget is implemented. 

Until then, any talk of "austerity" should be taken with a pinch of salt.