Devaluation fears hit Nigeria's currency

NIGERIA - The Nigerian naira fell on the official currency market, following a slide on the black market on Friday on fears that a devaluation is imminent.

The currency fell 0.6% to 114.7 against the US dollar after dropping 2.5% on the black market on Friday.

A spokesman for the central bank attributed the currency's plunge to calls from parliament for a massive devaluation to narrow the gap between official and black market rates.

With some parliamentarians saying the rate should be as low as

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.