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The Independent UK

National

Chinedu Asadu

Nigeria lets market set currency exchange rate to stabilize economy, woo investors

Nigeria Economy Bola Tinubu Africa

Copyright 2016 The Associated Press. All rights reserved.

Nigeria’s central bank has ended its distorted foreign exchange rate, a move the new government in Africa’s biggest economy hopes will help woo investors and stabilize the local currency.

The announcement Wednesday from the Central Bank of Nigeria led to a record fall in the value of the naira currency to 755 per U.S. dollar. It has since recovered some.

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