Tuesday, January 10, 2017

Naira to weaken more in forward market


With the scarcity of dollars and the economy on the brink of its first full year recession since 1991,companies are being forced into the black market.

The Naira has plummed by almost 40 percent since the central Bank of Nigeria    Governor Godwin Emefiele, ended a 15 months Naira peg to the dollar.

Even as oil price advanced, standard chartered PLC and London based Duet Asset management said the country needed to devalue the naira and lose capital controls.