Economics
Nigeria's Buhari Gives First Hint He'll Accept Naira Devaluation
- The central bank is `fine-tuning' rules on currency trading
- Standard Chartered sees devaluation happening early next month
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Nigerian President Muhammadu Buhari hinted for the first time that he would accept a devaluation of the naira, spurring speculation it may take place early next year when the local market reopens for trading.
The Central Bank of Nigeria is fine-tuning the management of foreign exchange and will introduce “some flexibility” that will encourage additional inflows, Buhari told lawmakers in Abuja, the capital, on Tuesday as he presented the country’s 2016 budget.