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.© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.