| Naira slides after central bank decision to engineer a devaluation to cope with low oil price. Nigeria’s long-awaited flexible foreign exchange rate regime got off to an explosive start on Monday as the naira slid by as much as 27 per cent to N254 to the US dollar.
The decision last week by the Central Bank of Nigeria to engineer a devaluation of the naira, adopting a “purely market-driven” system, comes as the oil-exporting country tries to withstand a rout in global oil prices...............................................Full Article: Source
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