Central Bank of Nigeria abandons FX window
Central bank reserves falling fast
The Central Bank of Nigeria has closed its foreign exchange window in its latest bid to halt the decline of the naira.
Nigeria's oil-dependent economy has been hit hard by the recent drop in the price of crude. The naira has lost around 20% of its value against the US dollar since early November, when the steep decline began.
In a statement yesterday, the central bank said it had closed down its forex window on account of the widening gap between rates in the window and the interbank market.
The
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