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Nigeria's Naira down 10 per cent in 2015

Nigeria's Naira down 10 per cent in 2015


The Nigeria Naira shed 10% of its value in 2015 as Africa’s top crude oil exporter faced its worst economic crisis in years.

The local currency closed on the interbank market at 199.50 to the dollar on Thursday, compared with 181.50 to the dollar a year ago, down 9.91 percent at the official window.

On the parallel market, the Naira traded at 266 to the dollar, weaker by 39.26 percent from 191 to the dollar at the close of last year.

The west African nation relies on oil exports for about 58 percent of government revenue and the sharp fall in oil prices over the past year has hit those revenues hard.

Nigeria is Africa’s biggest economy and has rejected calls to devalue its currency, saying the Naira “is appropriately priced” at the prevailing level.

The central bank pegged the Naira exchange rate at 198 to the dollar in February and scrapped a two-way interbank quote, as global oil prices fell, to conserve foreign exchange reserves.