Nigerian reform drive falters, threatening Africa's biggest economy
© Reuters. FILE PHOTO: A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo
Petrol pump prices, meanwhile, have not budged since July - despite a more than 30% rise in oil prices. "Sentiment towards Nigeria has been continuing to sour as the initial reform momentum under President Tinubu's administration has faded," said Tellimer analyst Patrick Curran.For years, Nigeria has tightly controlled the official naira rate, even amid declines in the price of oil, sales of which bring in 90% of the country's foreign currency supply.
The incoming central bank chief said on Tuesday that policymakers faced a nearly $7 billion backlog in foreign exchange demand; foreign airlines alone had $783 million in ticket sales trapped, the International Air Transport Association said.Another is negative real bond yields and the slow central bank response: 10-year local government bonds yield less than 15% while inflation is running above 25%.
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