Nigeria phone instant phone sex


16-Jul-2015 09:04

Investment into Nigeria has shriveled as foreigners are put off by capital controls needed to defend the currency’s peg of 197-199 per dollar, while local businesses have struggled to import raw materials and equipment.Emefiele said last month the central bank would implement a “flexible” exchange-rate policy to help alleviate a dollar shortage that has strangled the economy.Nigeria's GDP contracted in the three months through March for the first time since 2004 and inflation accelerated to 15.6% in May, the highest rate in more than six years. To be sure, the market reaction was instant: three-month non-deliverable naira forward contracts, already trading at a high premium to spot, surged as much as 9.5% to a record 333 per dollar after the announcement, suggesting traders expect the currency to trade around that level in the market, compared with the current official rate of 199.For now it remains to be seen just how the devaluation will take place: “It is something the market will want to see in operation to fully be able to take decisions concerning future investment, especially foreign investors,” Kunle Ezun, an analyst at Ecobank Transnational Inc., said by phone from Lagos.That would be positive.” To others, such as Nigeria's 175 million-strong population, this means that Nigeria is about become the next Venezuela, with imminent hyperinflation on deck, as prices soar to keep up with the collapse in the spot rate.The naira will probably trade in a range of 280 to 350 against the dollar after the central bank implements its decision, analysts at Johannesburg-based Rand Merchant Bank said in a note on Wednesday before the announcement.Of course, what is bad news for the population is great news for capital markets, and since the central bank will have more reserves left now that primary dealers will be left holding the bag on FX trading (and thus devaluing the naira with double digit precision), it means that Nigeria will have more dollars left to pay off its liabilities.It’s intended we don’t have speculators and rent-seekers.

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“The takeaway is that the central bank has not committed to any exchange rate.” To some this was a favorable outcome: “It’s probably the best that the markets could have hoped for,” Ridle Markus, a Johannesburg-based analyst at Barclays’ Africa unit, said by phone.“It certainly seems like it will be a normal, free-floating currency.



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