Naira pressure to increase on China devaluation

August 13, 2015 12:19 AM

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Naira pressure to increase on China devaluation

hina’s move to end the Yuan’s de facto peg with the dollar and the potential for a new currency war – as its trading partners react – is the latest catalyst for declines in emerging-market currencies including the naira, say analysts.

Nigeria is exposed to China in terms of oil exports (as the U.S market dries up), and more recently the seven percent of foreign currency (FX) reserves Nigeria has denominated in Yuan.

Also read: India cenbank says to withdraw temporary cash reserve ratio hike

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