The Central Bank of Nigeria (CBN) may be forced to further retract its defence and depreciate the naira as the apex bank increased the bid price for foreign exchange at its Secondary Market Intervention Sales (SMIS) window by 5.56 per cent to N380.00/$. Most analysts at the weekend agreed that the apex bank was in a tight position and has little option than to depreciate the official naira rate, abandoning its long-held fixed exchange rate management policy for market-determined rate favoured by several international and domestic operators. Most analysts said the...