Naira Redesign Sparks Protests in Lagos; RBI Intervenes to Manage Rupee; CBN Faces Scrutiny Over Unresolved FX Contracts

Protests erupted across Lagos State, Nigeria, due to the Federal Government's Naira redesign policy, disrupting daily life and prompting security responses. Simultaneously, the Reserve Bank of India (RBI) implemented a forex swap to bolster rupee liquidity after the rupee weakened to 87.07 against the US dollar. This move aims to make hedging against future dollar liabilities more attractive. Meanwhile, in Nigeria, the Centre for the Promotion of Private Enterprise urged the Central Bank of Nigeria (CBN) to allow companies affected by $2.4bn in unresolved foreign exchange forward contracts to present evidence of their eligibility, following complaints of unfairness and financial strain on businesses.