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Buhari Gives Nigeria Central Bank Go-Ahead on Flexible Naira

  • Spokesman clarifies president’s weekend comments on currency
  • Remains opposed to devaluation, gives central bank leeway
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Faced with an economy nearing recession and inflation at the highest in almost six years, Nigerian President Muhammadu Buhari has backed down on his refusal to allow the naira to weaken.

Buhari has given the central bank the go-ahead to introduce a more flexible exchange-rate system even as he remains against a devaluation of the naira, said Garba Shehu, his spokesman.