Nigeria liberalises exchange rate

Naira falls sharply as country leaves Emefiele era behind

Nigerian naira

The Nigerian central bank ended a regime of regulated exchange rates on June 14, prompting a rapid devaluation of the currency. The new policy responds to president Bola Tinubu’s call for exchange rate liberalisation in his May 29 inaugural address.

It also came less than a week after Tinubu suspended central bank governor Godwin Emefiele from office. Emefiele, who had been governor since 2014, was closely associated with the elaborate fixed-rate regime, which was part of a wider industrial

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