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Nigeria Naira Remains Under Strain After Devaluation

  • Forward rates spike to new high, signaling strain on the naira
  • Currency weakness limits central bank’s ability to cut rates
A customer hands over Nigerian naira banknotes in a store in Abuja.

A customer hands over Nigerian naira banknotes in a store in Abuja.

Photographer: KC Nwakalor/Bloomberg
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Nigeria will probably need to weaken the naira further following its devaluation last week, even as the central bank bucked global trends by holding interest rates on Tuesday to support the currency.