Bank Of Baku

Nigeria’s naira plunges

Nigeria’s naira plunges
# 21 June 2016 08:14 (UTC +04:00)

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.

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