Nigeria Seen Devaluing Naira Target Range After Currency Weakens

Nigeria Seen Devaluing Naira Target Range After Currency Weakens

Suzanne Plunkett/Bloomberg

The naira breached the target for the first time on a closing basis on June 7 and has ended trading above the peg each day since June 25 for a decline of 3.1 percent this year, according to data compiled by Bloomberg.