Devaluation looms for Nigeria even as forwards ease on oil

Devaluation looms for Nigeria even as forwards ease on oil

The Nigerian naira’s recovery in the forwards market may be deceptive. The currency is destined to weaken, however long policy makers hold out. Six-month contracts declined to their lowest level since September last week as crude oil, Nigeria’s top export, advanced about 20 percent after OPEC agreed a production cut in November. A drop in…

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