The rebound in oil prices has given Nigeria’s naira a reprieve, easing investors’ concern that a steep devaluation may be unavoidable.
Brent crude prices have doubled since hitting a two-decade low in April and traded close to $40 a barrel on Wednesday. Since Nigeria relies on oil sales for 90% of export earnings, that's helped the country's central bank to replenish its stock of foreign-currency reserves.
Twelve-month naira forwards traded at 454.50 per dollar at at 11.43 a.m Wednesday, down from a high 522.56 naira to the dollar on April 20. The currency traded at 388 naira to the dollar in the spot market…
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