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Oil Rebound Eases Concerns About Devaluation of Nigeria’s Naira

  • Naira strengthens in both the forward and parallel markets
  • Currency still considered overvalued by at least 10%
A clerk at a currency exchange bureau counts Nigerian naira banknotes in Maiduguri, Nigeria.
A clerk at a currency exchange bureau counts Nigerian naira banknotes in Maiduguri, Nigeria.Photographer: Jean Chung/Bloomberg

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The rebound in oil prices has given Nigeria’s naira a reprieve, easing investors’ concern that a steep devaluation may be unavoidable.