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LequteMan
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Nigeria's Naira is expected to experience further pressure, as the Asset Management Corporation of Nigeria (AMCON) is set to inject N866 billion into the system which will according to BusinessDay, worsen the country's liquidity position.
Excerpt:
The implication of the injection of the huge sums by AMCON, is that the foreign exchange market will experience further volatility, as well as the addition of idle funds in the coffers of the banks.
The situation is capable of widening the gap between the official market at N155.45/$ as it is expected to depreciate further from the current rate, to between N168/N170, a development that will encourage roundtripping.
Another threat is the likelihood of increase in the inflation rate, with the consequence of further eroding the purchasing power of Nigerians. Nigeria’s consumer inflation for September rose to 8.3 percent, according to the National Bureau of Statistics, (NBS).
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#Nigeria #Naira #AMCON
Excerpt:
The implication of the injection of the huge sums by AMCON, is that the foreign exchange market will experience further volatility, as well as the addition of idle funds in the coffers of the banks.
The situation is capable of widening the gap between the official market at N155.45/$ as it is expected to depreciate further from the current rate, to between N168/N170, a development that will encourage roundtripping.
Another threat is the likelihood of increase in the inflation rate, with the consequence of further eroding the purchasing power of Nigerians. Nigeria’s consumer inflation for September rose to 8.3 percent, according to the National Bureau of Statistics, (NBS).
click here to read more
#Nigeria #Naira #AMCON