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Oil Producers Currency Collapse Continues, Nigeria’s Naira Crashes To Record Low Against Dollar

Posted on Author Q Comments Off on Oil Producers Currency Collapse Continues, Nigeria’s Naira Crashes To Record Low Against Dollar

Having proclaimed it is not Zimbabwe, Nigeria’s currency is starting to look a lot like a hyper-inflating mess. After devaluing to a 168 peg in November, the Naira has crashed to 200 / USD today – smashing above the upper peg band of 176 as it appears Nigeria is losing control. The collapse of Oil Producer currencies had abated for a week or two but the last 2 days have seen the Ruble and Naira tumble (even as The USDollar weakens modestly ahead of the ECB QE tomorrow).

Nigeria’s Naira is crashing…

 

But Oil Producers have a long way to go to catch down to Russia..

HaTTiP 

 

Charts: Bloomberg

Q

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