Investors Eye Nigeria Devaluation as Central Bank Chief Ejected
- Analysts examine how soon and how deep devaluation could come
- Goldman, Tellimer analysts see naira slide past 700 per dollar
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Emerging-market investors are looking at a devaluation of Nigeria’s naira after the suspension of the country’s central bank governor Godwin Emefiele.
Analysts are considering how soon a devaluation may happen and how deep it will be, following the removal late Friday of a policy chief whose unorthodox policies included propping up the naira and banning access to foreign exchange for imports. The currency steadied Monday at 471.80 per dollar, having fallen for three weeks to hit a record low.