Friday, November 07, 2014 9:56 PM / FDC
The naira went into a tailspin losing 1.6% of its value after the CBN issued new administrative measures restricting the use of CBN funds for many categories of eligible transactions. The Forex contagion also spread to the stock market, dragging the index down by 4%, bringing the year-to-date loss to 16.53%.
The genesis of this volatility lies in the 28% decline in oil prices which remains the engine of the Nigerian economy. We believe that the MPC is likely to make some changes to the monetary policy at its next meeting.
These and other burning issues are discussed at this month’s LBS Executive Breakfast session with B.J. Rewane and the FDC team.