Quotes from BNP Paribas:
-With the approach of presidential elections, Nigeria faces numerous tensions that could have an impact on the electoral outcomes. To counter growing pressures on the currency and foreign reserves, the central bank decided to devalue the naira and tighten monetary policy.
-A weaker currency is straining the banking system, among other factors,and weights on growth in the medium-term. The recent drop in oil prices is eroding the current account balance and budget equilibrium. Macroeconomic imbalances are likely to persist in 2015, and therefore a further devaluation is possible.
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