March 23, 2021

Africa

NIGERIA: Tussle over naira devaluation amid grim macroeconomic picture

BY Malte Liewerscheidt

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( 3 mins) During a foreign-press briefing on 22 March, Finance Minister Zainab Ahmed announced that the government had abandoned the official exchange rate and would instead use the market-based Nigerian Autonomous Foreign Exchange (NAFEX) rate. Although this would constitute the third de-facto devaluation in a year, Nigeria will not go so far as to let the currency […]

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