By: Economic & Finance Report
The Naira forwards rose immensely as global traders believed the devaluation of the Naira was going to occur. This being the truth as the Naira is now 290 to USD $1. Naira bonds have lost close to 10% this past year alone.
The Naira has been hovering between $197-$199 but in the black market it has been pegged even higher over $300/USD $1. Analysts have indicated that Nigeria had to devalue the Naira to allow growth in a country whose growth stymied around 2-3%. The devaluation recently of the Naira allow currency market FX better positioning and flexibility into its fold. -SB