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This week on Drinks and Mics, the usual gang, Ugodre Obi-Chukwu, Tunji Andrews, Arnold Dublin Green and “Otunba” Dele Akintola gathered over drinks to break down the financial chaos gripping Nigeria. And trust us, there was a lot to unpack.
The Naira has been on a wild ride, losing value at an alarming rate, and everyone’s asking the same question, are foreign portfolio investors (FPIs) cashing out? Some thinks the signs are there, pointing to capital flight and speculators taking advantage of the volatility. But some aren’t so sure, it could just be FPIs repatriating profits after the recent gains in Nigeria’s fixed-income market.
Then there’s the market meltdown. Stocks have been taking a beating, and while there are believes investors are overreacting, we have some of our hosts not buying the optimism.
But it’s not all doom and gloom. A weaker naira could mean a boost for Nigeria’s exports, good news for businesses looking to push goods abroad. The question is, will this be a real shift in trade, or just a temporary win?
Catch the latest episode of Drinks and Mics now on Nairametrics TV!
