Category: FX
Conservative FX markets testing (some) extremes
4X Global Research
May 7, 2020
FX markets’ conservative approach in face of acute coronavirus and macro uncertainty
We argued in the 20th April edition of Armchair Trader’s Daily Newsletter that the currency range-trade was making a comeback.… Read the rest
NIGERIA: Calling 911
Teneo
April 6, 2020
● The government has requested a cumulative USD 6.9bn from multilateral institutions.
● While the government is keen to secure funding without committing to an IMF program, the Fund will likely want to see an up-front reform commitment.… Read the rest
NIGERIA: CBN caving in to FX pressure, but not without a fight
Teneo
March 23, 2020
The official response to the oil price crash and the COVID-19-induced economic crisis continues to evolve at a rapid pace. The division of labor is clear: the federal government zeroes in on cutting expenditure and shoring up the shrinking revenue base, while it falls to the Central Bank of Nigeria (CBN) to provide economic stimulus and defend the currency.… Read the rest
COTE D’IVOIRE: The CFA franc is a double-edged sword amid COVID-19 pandemic
Teneo
April 1, 2020
During a televised speech in the evening of 31 March, Prime Minister Amadou Gon Coulibaly, who is the ruling party candidate for the October 2020 presidential election, announced a raft of measures aimed at softening the economic impact of the Covid-19 pandemic.… Read the rest
NIGERIA: Heading for 2016 redux as ‘Buharinomics’ likely to shift into top gear
Teneo
March 12, 2020
- Nigeria enters the ensuing COVID-19-induced economic crisis in a much weaker state than previous crises.
- Nevertheless, the administration will fight tooth and nail to avoid a devaluation in the short-term.
NIGERIA: Defending the naira remains the imperative
Teneo
January 27, 2020
On 24 January, the Central Bank of Nigeria’s (CBN) monetary policy committee decided to hike the cash reserve ratio (CRR) by 500 basis points from 22.5% to 27.5%, while leaving all other monetary parameters unchanged.… Read the rest