Devaluation fears hit Nigeria's currency

- Central Banking staff
- 12 Feb 2002

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

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