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LequteMan
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According to ratings agency Standard and Poor, Nigeria will have to devalue its currency at some stage, possibly by more than 15 percent, Reuters reports.
Investors have seen a devaluation of the naira as long overdue for Africa's largest economy and biggest oil exporter, which has been battered by the recent tumble in crude prices.
Following devaluations in November and February, authorities have focused recently on curbing access to hard currency on the official interbank market for importers of some goods, introducing stringent restrictions three weeks ago.
But those measures just delay the inevitable, said Ravi Bhatia, director of sovereign ratings at Standard & Poor's.
"Another devaluation is inevitable... they will have no option but to devalue," said Bhatia at a media briefing.
He however said the adjustments will likely be gradual.
Investors have seen a devaluation of the naira as long overdue for Africa's largest economy and biggest oil exporter, which has been battered by the recent tumble in crude prices.
Following devaluations in November and February, authorities have focused recently on curbing access to hard currency on the official interbank market for importers of some goods, introducing stringent restrictions three weeks ago.
But those measures just delay the inevitable, said Ravi Bhatia, director of sovereign ratings at Standard & Poor's.
"Another devaluation is inevitable... they will have no option but to devalue," said Bhatia at a media briefing.
He however said the adjustments will likely be gradual.