Nigeria’s central bank has devalued the naira by 7.6% against the dollar. This comes as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency.
According to data on its website on Tuesday, the Abuja-based Central Bank of Nigeria replaced the fixed rate of 379 naira to a dollar used for official transactions with the more flexible nafex, also known as the investors and exporters exchange rate, that has averaged 410.25 naira per dollar this year.
WADR’s Abuja correspondent – Usman Umar reports.
