Naira volatility eases as FX reserves climb for a third month
Reserve accumulation is doing more for stability here than rate policy is.
Market news
MPR
27.5%−0.0
CPI (Inflation)
22.8%▲ −0.4
GDP Growth
3.2%▲ +0.1
USD/NGN
1,330.86▲ 0.02%
EUR/USD
1.12▲ 0.03%
GBP/USD
1.33▲ 0.06%
USD/ZAR
16.49▼ 0.09%
USD/EGP
53.44▼ 0.02%
USD/KES
129.82▼ 0.11%
USD/GHS
11.63▼ 0.11%
Gold (oz)
4,169.42▼ 0.14%
MPR
27.5%−0.0
CPI (Inflation)
22.8%▲ −0.4
GDP Growth
3.2%▲ +0.1
USD/NGN
1,330.86▲ 0.02%
EUR/USD
1.12▲ 0.03%
GBP/USD
1.33▲ 0.06%
USD/ZAR
16.49▼ 0.09%
USD/EGP
53.44▼ 0.02%
USD/KES
129.82▼ 0.11%
USD/GHS
11.63▼ 0.11%
Gold (oz)
4,169.42▼ 0.14%
What's moving markets today
Reserve accumulation is doing more for stability here than rate policy is.
The benchmark oil price in the budget is now the most fragile number in it.
Input-cost relief, not demand growth, is what's actually moving this number.
The window is real, but it's narrower than the headlines suggest.
This is doing more for the FX market than any single policy announcement this quarter.
The gap between farm-gate pricing and export earnings is where the real story is.
The revision is smaller than the miss it's covering for.
Worth watching for any business with cross-border logistics exposure.
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