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Nigerian currency devalued due to oil slump

by ChemOrbis Editorial Team -
  • 04/12/2014 (11:52)
According to local media sources, the Nigerian Central Bank devalued the local currency, the naira, by 8% in late November and then raised their interest rates significantly. The last time when the naira was devalued was in 2011. Central Bank Governor Godwin said that efforts to prop up the naira had led to dwindling foreign reserves.

The naira has been decreasing over the past few months as falling oil prices have shaken confidence in the assets of Africa’s leading energy producer and biggest economy. Although the fall on the naira was prompted by weaker oil prices, economists comment that a further devaluation is possible after the 2015 elections in the country since the political issues will also have a negative effect on the currency.
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