Nigeria, Ghana Currencies Hold Up in Iran War, Citi Says

The war in Iran has hurt African currencies such as Egypt’s, but those of some commodity exporters, including Nigeria and Ghana, are proving more resilient as investors pull back from risk, Citibank NA strategists say.

The war risks fanning inflationary pressures as prices surge for oil and other commodities, but Nigeria’s foreign-exchange market is “relatively resilient” compared with Egypt, which has borne the brunt of the war pressures, said Citi in a client note Wednesday.