Nigeria’s central bank allowed the naira currency to drop as much as 36 percent on the official market on Wednesday, days after President Bola Tinubu suspended the central bank governor who oversaw much-criticised multiple exchange rates.
For decades, multiple exchange rates had led to foreign currency shortages. Under suspended apex bank chief Godwin Emefiele, the situation worsened, making it difficult for investors to take out money from Africa’s biggest economy.
