Nigeria: Naira collapse signals crisis of confidence
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NGN has reached nearly 1,000/US$ in the parallel market amid FX shortages, bringing the parallel premium to c30%
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Decisive monetary tightening and FX float are needed but leadership vacuum at the CBN has hampered policy response
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Chance for pivot when new CBN leadership takes office but failure to do so will signal more pain ahead; retain Hold '47s
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.