Nigerian central bank scrutinised over currency troubles

naira-nigeria
Naira trading at record lows

The Nigerian naira traded at record lows on Monday (November 21), calling into question the central bank's strategy of propping up the currency and raising speculation about a looming devaluation ahead of tomorrow's interest rate decision.

The naira has lost 7% against the dollar since November 7, prompting some observers to speculate that Nigeria is on the cusp of a currency crisis similar to the one that hit Russia earlier this month.

The Bank of Russia burned through $30 billion in foreign re

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