macro

Financial services absorb $9.64 billion as Nigeria’s FX demand hits 15-year high - Nairametrics

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DW NOTE

Nigeria's forex market is absorbing $9.64 billion in financial services demand at a 15-year high — meaning the central bank is burning through reserves to prop up banks and capital flows while the naira slides. This is what happens when you fix the price but not the fundamentals: demand doesn't disappear, it just gets more expensive to suppress.

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The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.

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Financial services absorb $9.64 billion as Nigeria’s FX demand hits 15-year high - Nairametrics

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