
Nigeria: Tussle Over Naira Devaluation Amid Grim Macroeconomic Picture
During a foreign-press briefing on 22 March, Finance Minister Zainab Ahmed announced that the government had abandoned the official exchange rate and would instead use the market-based Nigerian Autonomous Foreign Exchange (NAFEX) rate. Although this would constitute the third de-facto devaluation in a year, Nigeria will not go so far…