Nigeria facing exchange rate turmoil

The African nation has relinquished control of its currency in a bid to boost investment Nigeria’s decision to merge its multiple currency exchange rates could stabilize the African nation’s battered economy, but could damage entrenched economic interests that depended on the old system to import vital commodities, economics professor Dahiru Balami told RT on Saturday. The Nigerian naira hit a record low of 860 per dollar on the black market late last week, a month after the country’s central bank devalued the currency in a bid to close the gap between the country’s official and unofficial exchange rates. By aband

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