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Nigeria Devalues Currency as It Adopts Flexible Rate

  • Government to end using fixed rate for official transactions
  • New policy set to lift Nigeria’s revenue from crude receipts
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Nigeria adopted a new flexible exchange-rate policy for official transactions in a move that effectively marks the third devaluation of the naira in a year.

The government will start to use the flexible rate for transactions, that has until now applied to investors and exporters, Finance Minister Zainab Ahmed told reporters Monday in the capital, Abuja.