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Yield Hunters and Tax Dodgers Drive Naira Rates Spread Wider - BLOOMBERG

JANUARY 31, 2026

Investors seeking to lock in high yields on Nigerian debt ahead of an expected interest-rate cut

 by the central bank are fueling gains in the naira, which is at its strongest weekly level against the dollar since November 2024 in the official currency market.

In the informal parallel market, where those avoiding official scrutiny trade the currency, however, the naira is trading much weaker amid confusion over a new tax law that came into effect this month.


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