Naira sentiment shapes week’s market openings

Naira sentiment shapes week’s market openings

In the face of economic uncertainty, dollar scarcity and depressed Oil prices, the Central Bank of Nigeria (CBN) has devalued the Naira for the second time this year. At an auction of importers last Friday, the CBN asked that bids for foreign exchange to be made at 380 Naira per dollar, compared with 360 previously. While this move may harmonize Nigeria’s multiple exchange rates and even improve transparency, it may come at the cost of higher inflation. Given how consumer prices have already jumped to 12.40 per cent in May…

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