The Central Bank of Nigeria devalued the naira at one of its currency auctions, according to people familiar with the matter, Bloomberg said in its latest report.
The bank previously devalued the currency in March when it adjusted the official peg against the dollar to N360 from N307. The nafex -- which has been relatively stable around N388 per dollar since mid-May following a recovery in oil prices -- was introduced in 2017 as a way of wooing back foreign investors spooked by an economic crisis, without formally devaluing the currency.
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