Naira On The Move

September 2007 | Market Strategy

BMI View: We detect increasing signs that Nigerian authorities are willing to countenance more rapid naira appreciation, ahead of the imposition of inflation targeting and full convertibility in 2009. Robust fundamentals have long supported significant upside potential, but the heavily managed currency has thus far proceeded cautiously, underpinning our conservative projections. However, monetary policy reform and what we believe will be sustained dollar downside have altered the

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