Quote Originally Posted by beacon View Post
Naira depreciated yet another third (~35%) to USD on NAFEX, the official fx window, following a revision of the methodology used to set exchange rate, in effect the 2nd (~35%) devaluation by a third to USD in 7 months, according to FMDQ which calculates the exchange rate, after CBN accused traders of manipulating the exchange rate by under-reporting transaction rates, and local banks of hoarding USD.

Strong USD, high interest rates on debt killing EM currencies, and US traders/ speculators cashing in on the situation. More reasons here: https://www.vanguardngr.com/2024/01/...5-in-2025-imf/
Thanks beacon. So it's a case of the exchange rate wiping out any gains - not unlike Turkiye. . .