Nigeria Vows to Fight Speculators Betting on Naira Devaluation
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Nigeria’s central bank vowed to fight off speculators taking bets that the naira will be devalued after Kazakhstan became the latest country to abandon control of its currency.
“We haven’t seen any reason so far to institute a change in the foreign-exchange policies,” Ugochukwu Okoroafor, a spokesman for the Central Bank of Nigeria, said by phone from Abuja on Thursday. “The preponderance of foreign currency in the country has led to speculative attacks on the naira. People who have done it in the hope we’ll devalue will be hurt.”