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Nigeria Tells IMF It Seeks a Unified, Flexible Exchange Rate

  • Officials wrote in letter to IMF before $3.4 billion funding
  • Central bank to intervene only to smooth large currency moves
A cashier counts out Nigerian naira banknotes in a store in Abuja.

A cashier counts out Nigerian naira banknotes in a store in Abuja.

Photographer: KC Nwakalor/Bloomberg

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Nigeria has vowed to seek a more flexible and unified naira to respond to the external shock brought by the coronavirus pandemic, leaving foreign-exchange interventions for only when there are large fluctuations.