Nigerian naira hits fresh lows against the US dollar
Tumbling global oil prices have battered Africa’s top crude exporter, with foreign exchange reserves down to an 11-year low at $27.85 billion as of February 11.
Aminu Gwadabe, head of the Association of Bureau de Change Operators of Nigeria, commented, “The central bank should address the supply side of the market by allowing oil companies and banks to sell dollars to bureau de change operators as an immediate measure to reduce pressure on the naira.”
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PLAST EURASIA 2022: Eyes on Russian and US supplies with demand woes in focus
- December PE offers to SE Asia imply further drops, yet to respond to China
- Has the bear market for Asian PVC almost run its course?
- Demand outlook for crude oil dims amid China worries
- Asian styrene prices rebound from almost two-year lows
- Turkey’s PE market on brink of new drops for December
- Signs of optimism in China PP and PE markets, but caution remains
- Egypt’s import PP, PE markets flat but domestic prices turn upwards in Nov
- PVC downturn enters 7th month, prices still far from pre-pandemic levels in Europe
- Aggressive US PE offers make a scene across global markets in Q4 after a hiatus of 2 years