Russia, Nigeria devalue, shun "losing battle"

The Nigerian and Russian central banks have both said that they will allow their currencies to depreciate to protect their reserves stockpile. The actions signal Moscow and Abuja have acknowledged that the real values of their currencies have weakened in light of the plunge in oil prices.

The Central Bank of Russia said on Wednesday that it would expand the rouble's trading band for the seventh time since 11 November. The central bank lowered its target for the currency, which is pegged to a