Photo by Timis Alexandra
From the Nigerian Forex Holders to Billionaires, forex market speculators, and anyone holding a significant pile of dollars is set to benefit from the global market frenzy, which has precipitated a massive decline in asset classes globally.
The cryptocurrency market is down by almost 50% from its year high why stocks plummeted to their worst week in over a year as investors scampered to get their money out.
The market sell-offs were triggered by confirmation that the US Feds will raise interest rates at least three times this year in response to the galloping inflation in the US. While rising interest rates are bad for most portfolio investors, especially those with leverage, it appears to be positive for local Nigerian forex holders.
Analysts expect a rise in interest rate to be net positive for Nigerians who hold dollar positions locally and especially abroad.
We believe it is likely this could impact any incentive to hold naira. If dollar interest rates rise as we suggest, very few holders of forex will be incentivized to sell.
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