Float it or sink it, Naira is DEAD! And Buhari KILLED it as he is killing Nigeria Nigeria has finally bowed to the inevitable. Battered by the oil plunge, starved of foreign currency and with the economy headed into recession, Africa’s second-biggest crude producer said Wednesday it will allow the naira to float, setting the stage for the currency to weaken. Free trade in the naira, set for Monday, will mark the end of more than a year of resistance by President Muhammadu Buhari, who reiterated his opposition to devaluation as recently as two weeks ago. The Central Bank of Nigeria has eliminated the official exchange rate for the naira, replacing it with a new forex policy which is “purely market-driven.” However local and foreign financial experts, who welcomed the new policy, say it is, technically, a byword for currency devaluation. The naira was officially pegged at 197 to the U.S. dollar but ex...
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