1. Pagrindinis
  2. Bloomberg
2016-05-18 14:54
Bloomberg

Nigeria’s Currency Chaos Deepens as Bets on Devaluation Rise

Joe Penney (Reuters/Scanpix) nuotr.
Joe Penney (Reuters/Scanpix) nuotr.
As investors increasingly bet the bottom will drop out of the naira and the vice president hints at a devaluation, the man who calls the shots -- President Muhammadu Buhari, who has resisted devaluation since coming to power a year ago, likening it to “murder” -- has kept quiet.

“I won’t believe it until I see presidential ownership of it,” Alan Cameron, an economist at Exotix Partners LLP in London, said by phone. “The most likely scenario is still that they will run reserves down to a point where they have no choice but to make a decision. That will come, but not for another six months, if not a year.”

Forward contracts suggest the currency will plunge 29 percent in three months, compared with 7.5 percent a week ago.

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