Oil Drop May Force Nigeria to Devalue Naira as Reserves Sink

Risk of currency devaluation ‘very elevated,’ SocGen says
Widening current-account deficit weighs on currency, reserves

Winners and Losers From Oil's Worst Slump Since 1991

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By Robert Brand

March 9, 2020 at 3:47 PM UTC

Updated on

March 10, 2020 at 11:10 AM UTC

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The plunge in oil prices is piling pressure on Nigeria to devalue the naira as dwindling export revenue depletes foreign-exchange reserves, curbing the central bank’s ability to support the currency.