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Vol 57 No 17

Published 26th August 2016


A dollar emergency

Just as investment companies began advising clients to return to the Nigerian market to take advantage of the sharp depreciation of the naira currency over the past two months, reports are circulating that President Muhammadu Buhari's government is planning to announce 'a state of economic emergency'. The naira has lost 40% of its value since June, when the Central Bank of Nigeria (CBN) abandoned its pegged rate of N197 = US$1. It's now the world's fastest depreciating oil-backed currency.

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