Lukman Otunuga,
Senior Research Analyst at FXTM
Our
emerging market currency spotlight this week shines on the Nigerian Naira which
just can’t catch a break despite the Dollar weakening across the board!
Are you aware that many #Nigerian
#exporters have been defrauded in the process of #exporting their #products? To
#export successfully and get paid, click: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
The
local currency is trading around N475 per Dollar on the black-market exchange
and could weaken further as foreign-currency shortages strain Africa’s largest
economy. With export earnings diminishing due to depressed Oil prices,
government revenues have taken a massive hit and the negative impacts may
trickle through the economy.
To rub
salt into the wound, inflation has jumped to its highest level in 27-months,
rising 12.82% on the back of continued border closures and lingering effects of
supply disruptions caused by COVID-19.
If economic conditions fail to improve and Dollar shortages persist, the Central Bank of Nigeria (CBN) could run
out ammunition to defend the Naira against external and domestic risks.
Wow!!!
Have you discovered where #CEOs and top #managers take their #vehicles to for
body work, painting with #Sikkens #paint and #oven #baking? It’s GOF AUTOS LTD.
For details, click: http://www.tectono-business.com/2017/06/gof-autos-limited-best-automobile.html
Given
how the CBN has already devalued the official exchange rate for the second time
this year to N380, is another devaluation on the cards? Time will tell.
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