Devaluation: Naira Sells For 515 To A U.S. Dollar

Central Bank Governor, Godwin Emefiele

Nigeria one-year currency forward on Monday recorded its biggest fall in more than 10-years after the official naira exchange rate was devalued on Friday.

The derivative, which gives an indication of where the currency could trade in a year’s time, fell 11.3% to 515 naira to the U.S. dollar.

The Nigerian central bank devalued the official currency rate by 15% on Friday, in a move to converge a multiple exchange rates regime which it has used to manage pressure on the naira, traders said. 

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