Nigeria Currency Crisis Explained: What We Know and Don’t Know
- Scant detail in central bank’s FX flexibility promise
- Naira peg drained foreign reserves, stymied investments
QuickTake: The Currency Wars
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Nigeria’s central bank may soon give bond and stock investors what they have been pleading for: a weaker naira.
Governor Godwin Emefiele announced after a meeting of the Monetary Policy Committee in Abuja, the capital, on Tuesday that a more flexible foreign-exchange system would be unveiled “in the coming days.” But his statement was short on details and left plenty of questions. Here are some answers: