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Parallel Market Emerges in Nigeria’s Currency-Trading World
LAGOS (Capital Markets in Africa) – A kind of parallel universe is taking shape in Nigeria’s foreign-exchange market. The African country’s traditional forwards market is facing competition from an upstart based on the new exchange-rate window policy makers opened six weeks ago. Bond investors and speculators are switching away from non-deliverable forwards that are linked to the main interbank exchange rate, which is tightly controlled by the central bank, and embracing the more liberal pricing…
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