Nigeria Takes First Bold Step Toward Hyperinflation As Currency Plunges 30%…(Our Future…)
by Tyler Durden
ZeroHedge.com
Jun 20, 2016
As we warned last week was likely, Nigeria’s decision to throw in the towel on maintaining its currency peg has resulted in a collapse in the Naira. Ending a 16-month-long effort to ‘fix’ its currency, Nigeria’s shift to a free float has resulted in a 30% crash in the currency as the central bank began auctioning dollars to try and clear backlogs of orders for hard currency. However, as the forward market suggests, the pain is far from over as the hyperinflationary endgame remains more than likely.
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