• Interbank USD/NGN reaches new highs

    Source: FxWire Pro - Commentary / 08 Dec 2014 01:29:45   Eastern Standard Time

    Quotes from Standard Chartered:

    -Interbank USD-NGN reached 180 on 4 December from a tight 161-163 range earlier in Q3 - with periodic spikes above this level (up to 187) in recent weeks - as capital outflows intensified and domestic NGN positioning turned increasingly negative amid lower oil prices. The NGN has lost 12.3% YTD against the USD; this is significant for a heavily managed exchange rate that has generally displayed modest volatility.