Nigeria Currency Devaluation Looms As FX Forwards Crash To Record Lows

by Tyler Durden
ZeroHedge.com
05/25/2016

Despite US equity investors’ exuberance over bouncing crude oil prices, the world’s crude producers continue to suffer and while Venezuela is in the headlines every day (having already collapsed into chaos), Nigeria appears the nearest to that abyss next. Having urged investors “don’t panic” last year, and seeing dollar reserves drying up rapidly earlier this year, recent “lies” about the nation’s statistics have raised fears of a looming devaluation as FX forwards have crashed to 291 Naira to the dollar (current peg is 199).

The Rest…HERE

This entry was posted on Wednesday, May 25th, 2016 at 1:31 pm and is filed under Conspiracy, Corruption, Economics, Government Evil, New World Order, World Politics. You can follow any responses to this entry through the RSS 2.0 feed.