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Naira Loses Value

The Central Bank of Nigeria devalues the naira by 5.3% in currency auction, Bloomberg reports. This means banks will shift from N360 to N380 per dollar. And if that happens, the blackmarket moves clearly into the N400 plus territory. This should not be news in any way except that it has a date: Nigeria has no strategy to support the naira if you pay attention to how we borrow to fund consumption, not investment. This is simply a vicious circle until we run out of lenders.