Policymakers Snookered as African Currencies Tank Against US Dollar
![Policymakers Snookered as African Currencies Tank Against US Dollar](https://d3wo5wojvuv7l.cloudfront.net/t_square_limited_480/images.spreaker.com/original/b9b35bc10a4645a4bab2464c5049a7ad.jpg)
Download and listen anywhere
Download your favorite episodes and enjoy them, wherever you are! Sign up or log in now to access offline listening.
Policymakers Snookered as African Currencies Tank Against US Dollar
This is an automatically generated transcript. Please note that complete accuracy is not guaranteed.
Description
African currencies have lost ground against the US dollar year-to-date, thereby driving inflation in the import-reliant continent. Policymakers across the continent are left with limited options to arrest the decline...
show moreAs US interest rate hikes make the dollar more attractive to investors, sub-Saharan African currencies have been weakening. The downward spiral of the African currencies against the US dollar this year has been spelling trouble for citizens and businesses alike.
The Nigerian naira is, so far, the biggest loser, falling more than 70 per cent against the dollar this year, chiefly after the Central Bank of Nigeria (CBN) removed trading restrictions on the official currency market.
Information
Author | Africa Business Radio |
Organization | Africa Business Radio |
Website | - |
Tags |
Copyright 2024 - Spreaker Inc. an iHeartMedia Company