Nigeria is to devalue naira

AS previously reported, Nigeria, one of Africa’s potentially strongest economies which depends so heavily on oil revenues, has been experiencing significant troubles with obtaining foreign currency. 

Having blocked credit cards and transfer of funds out of the country, the black market rate between the dollar and naira has doubled over the last few weeks.

Several years ago, a new naira was introduced almost ‘overnight’ which meant a lot of the illegally held, black market and money-laundered currency became worthless.

Now the naira is to be devalued in the hope it will attract new foreign investment.