Devaluation looms for Nigeria even as forwards ease on oil

by | January 9, 2017 11:36 am



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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