Nigeria’s central bank devalued the naira by 5.5% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency.
The official rate to the greenback was pegged at 381 naira from 360, according to data on the website of FMDQ OTC Securities Exchange, the Lagos-based platform that oversees foreign-exchange trading. The central bank has not issued a statement about the weakening of the naira, and calls to the spokesman went unanswered.
The currency depreciation comes after Governor Godwin Emefiele earlier this year said that policymakers plan to unify its multiple exchange rates to improve the transparency of its currency-management system…
More details through:
News Archive from before July 2018