Wednesday, July 17, 2024
Business

Nigeria Said to Be Near Decision to Let Naira Trade More Freely – Bloomberg

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
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Nigeria’s central bank allowed the naira to slump to a record low as officials look set to phase out currency controls that have distorted Africa’s biggest economy for years.
The naira slid 29% to 664 per dollar at the close in Lagos, according to FMDQ, a local exchange operator. The Central Bank of Nigeria earlier fixed the rate it sells dollars to exporters and investors at 610.20, a devaluation of 22% from Tuesday’s price.

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