Increased Pressure on African Currencies Amidst COVID-19 Chaos

Nigeria in lockdown faces bank pressure The Naira tumbled to its weakest level in 5 years in the parallel market at 415 per dollar, widening the gap with an official rate of 386 (See: current naira to dollar exchange rate). With 14-day lockdowns announced last week for Lagos and Abuja hitting productivity, banks came under […]

Nigeria deploys trillion-Naira bazooka; SA awaits Moody’s verdict: AZA FX Week Ahead


Nigeria deploys trillion-Naira bazooka As we predicted here last Monday, the Naira recouped some of its losses and appreciated 1.4% against the dollar for the week. However, the pressure is mounting again with Covid-19 closing the country’s borders and driving up food prices. New data showed annual [CHK] inflation started to pick up in February […]