| Nigeria has devalued the naira, saying a drop in oil prices had made it hard to defend its currency. The country's bank central bank also raised interest rates from 12% to 13% in a bid to stem foreign reserve loses. Nigeria has spent billions of dollars defending the naira using "dwindling foreign reserves", the bank's governor said.
Falling oil prices also affected the Angolan kwanza, which hit a record low against the dollar on Tuesday. The bank's governor Godwin Emefiele said: "Falling oil prices have consistently reduced the accretion to external reserves, thus constraining the ability of the bank to continually defend the naira and sustain the stability of the naira exchange rate."................................Full Article: Source
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