Baku - APA-Economics. Nigeria’s naira lost nearly a third of its value overnight, after policymakers decided to scrap the currency's peg against the US dollar, APA-Economics reports citing to Telegraph co.uk.
The Central Bank of Nigeria had defended a peg of 197 to 199 naira to the US dollar for 15 months, but gave up on Monday morning, after spending more than $2.7bn (£1.9bn) of reserves this year supporting the naira.