Tag Results: dollar
“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 naira traded at 160 per dollar yesterday, compared with about 182 on May 22 [2009], when the central bank ban was lifted… The black-market rate’s appreciation brings it closer into line with the official interbank market, where the naira is trading at 148 per dollar…”
“In the short run, China has no option but to accumulate more reserves and dollar reserves. Why? Because if they stop doing that, their currency would appreciate sharply while their exports are plunging.”
