Fall­ing oil adds to naira woes

The Star Early Edition - - INTERNATIONAL -

NIGE­RIA’S naira opened at a record low yes­ter­day on con­cerns that fall­ing oil prices will lead to lower gov­ern­ment rev­enues and with deal­ers wait­ing to see if the cen­tral bank will do any­thing to help the cur­rency. The cen­tral bank is widely ex­pected to keep in­ter­est rates on hold at the end of a two-day meet­ing to­day de­spite some pres­sure for an in­crease to support the naira, which is down almost 11 per­cent this year. The price of oil, Nige­ria’s main ex­port, has plunged, adding to wor­ries about gov­ern­ment fi­nances. Po­lit­i­cal ten­sions ahead of elec­tions in Fe­bru­ary and a vi­o­lent in­sur­gency waged mostly in the north-east by the Is­lamist group Boko Haram have also con­trib­uted to con­cerns about sta­bil­ity in the coun­try. – Reuters

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.