Economics
Devalued Naira Too Hot for Traders Seeing Further Currency Slide
- Central bank seen heavily managing foreign-exchange market
- Regulator ‘had a gun to their head’ on peg: Lauressa’s Spiro
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Traders expecting Nigeria’s currency devaluation to trigger a rush of cash into Africa’s largest economy are rapidly concluding that the naira’s 30 percent drop wasn’t enough.
Investors got the foreign-exchange policy change they asked for, but still aren’t flocking to buy naira assets as the Central Bank of Nigeria keeps a grip on its currency, nine days after abandoning a 16-month-old peg.