The Musings of Faith

“Nigeria banned interbank foreign currency trading to help shore up the naira, which has lost about 20 percent since Nov. 26 [2008], when the government let it weaken rather than defend the currency by running down foreign reserves.”

“The stealth intervention by the SNB last week has done its job. Banks are recommending finding a new safe haven currency and custody accounts are dumping CHF in favor of an undervalued GBP.”