Naira Tumbles to Record Low as Yields Rise on Nigeria Vote Delay
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Nigeria’s naira fell to a record against the dollar, stocks dropped and bond yields rose after the West African nation postponed elections, increasing risks in an economy already under pressure from the slump in oil prices.
The naira retreated 0.6 percent to 195.25 per dollar by 1:55 p.m. in Lagos, depreciating for a sixth day to the weakest level since Bloomberg started compiling the data in January 1999. The 195-member Nigerian Stock Exchange All Share Index dropped 1.7 percent to 29,466.56, extending its decline this year to 15 percent, the worst performance in the world after Ukraine.