Nigeria's central bank devalues currency naira

NIGERIA - The Central Bank of Nigeria (CBN) has devalued the country's currency naira by 1.8% following an unprecedented high demand for foreign exchange at the Interbank Foreign Exchange Market, Nigerian newspapers reported on Apr 11.

The adjustment became necessary when the demand for foreign exchange by banks surged from a daily average of between $27m dollars and $35m to $138.9m, CBN spokesman Tony Ede was quoted as saying Apr 10.

"During the trading, when we noticed the huge demand for for