World Economy

Nigeria Denies Devaluation

Nigeria Denies DevaluationNigeria Denies Devaluation

Nigeria’s central bank denied a website report that the West African nation planned to devalue the naira currency, Reuters reported. Speculation of a devaluation has been rife since Vice President Yemi Osinbajo said on Wednesday the central bank needed to change its foreign currency policies to spur investment. The news website, which focuses on Nigerian politics, said President Muhammad Buhari had agreed to devalue the naira in exchange for funds from the International Monetary Funds to help offset a slump in oil revenues. Quoting unnamed Buhari aides, it said the naira rate to the dollar could fall to 290, compared with 198 currently.