2nd devaluation of Nigeria’s currency in eight months

Nigerian authorities have devalued their national currency, the naira, for the second time in eight months in order to attract foreign investors. This was reported by the British daily Financial Times. According to the Nigerian Central Bank, on January 29, the price of the naira was 889.9 against the dollar, while on February 1, one dollar was already exchanged for 1,356.8 naira. The Financial Times indicates that this devaluation brings the official rate of the naira closer to the rate practiced on the black market. This approach is part of the liberal economic reforms carried out at the initiative of Nigerian President Bola Tinubu. The latter had renounced the artificially high price which created problems for multinational companies wishing to invest in the Nigerian economy. Source: Burkina Information Agency