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Nigeria’s naira hardship ‘like Argentina’, experts warn - THE AFRICA REPORT

FEBRUARY 20, 2024

The massive naira devaluation caused by foreign exchange reforms has devastated households, factories and government coffers. 

The Central Bank of Nigeria (CBN) allowed the naira to fall as much as 40% on 14 June 2023 two weeks after President Bola Tinubu took office and immediately announced the end of the subsidy on petrol that had been in place for years.

MARKET NEWS

July 26 Stakeholders urge govt to reconsider proposed FX windfall - THE GUARDIAN July 26 Monetary policy jumps 50 basis points: CBN’s bold move amid stubborn inflation - BUSINESSDAY July 26 Naira to recover to N1500 in September as rate hike boosts hot money -Rewane - BUSINESSDAY July 26 AFRICA-FX-Kenya currency to hold steady, Ghana's to weaken - REUTERS July 26 Canadian dollar hits 8-month low on dovish Bank of Canada - REUTERS July 26 Kenya Shilling Has First Gain in Two Weeks as Bond Sale Begins - BLOOMBERG July 26 Nigeria to launch $500 million diaspora bond in economic growth push - REUTERS July 26 Inflation in key African economies unlikely to slow to targets anytime soon: Reuters poll July 26 Oil Ends Slump as US Inventories Drop to Lowest Since February - BLOOMBERG July 26 Sterling tiptoes higher after turbulent week - REUTERS July 26 Sterling dips as investors raise bets on BoE rate cuts - REUTERS July 26 US Economy Grew Faster Than Expected Last Quarter on Firm Demand - BLOOMBERG July 26 Cote d’Ivoire, Known for Its Cocoa, Is Facing an Uncertain Future BLOOMBERG July 26 Zimbabwe Throws Weight Behind Gold-Backed ZiG to Spur DemandZimbabwe Throws Weight Be... (read more) July 26 CAB Payments attempts to move on from challenging year despite lack of ‘tailwinds’ fr... (read more) July 26 Dollar-to-naira exchange rate hits N1603.80 on official FX market - DAILY POST July 26 Analysts warn of naira depreciation amid N311bn equity sell-off - PUNCH July 26 Naira down to N1,603.8/$ in NAFEM - VANGUARD July 26 Nigeria Auctions T-Bills at Record Yield as Policy Tightens - BLOOMBERG July 26 Vehicle importation falls 60.8% in H1’24 - VANGUARD July 26 FG Decision To Float Naira Reason For Economic Hardship — TUC - INDEPENDENT July 26 Naira Crosses N1,600/$1 On Official Market - NEW TELEGRAPH July 25 Unsettled FX Forwards may impair confidence in economy, analysts, OPS warn - VANGUARD July 25 Oil Rises as Equity Rally Counteracts China Demand Slump - BLOOMBERG July 25 India cenbank may prefer mild rupee weakness to correct overvaluation, BofA says - REUTERS July 25 All-time low looms for rupee on risk aversion; RBI watched - REUTERS July 25 SEC targets unclaimed dividends with new initiative - PUNCH July 25 Windfall tax will affect banks, say Moody’s, CIBN - PUNCH July 25 IMF Says Zambia’s Dedollarization Plan May Be Ineffective - BLOOMBERG July 25 Dollar falls, short yen trades squared ahead of BOJ and Fed meetings - REUTERS

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