Nigeria has devalued its currency for the second time in eight months in an effort to attract investment to its struggling economy. The naira has fallen after changes to the official exchange rate calculation, bringing it closer to the black market rate. This move is part of market-friendly reforms introduced by President Bola Tinubu, who abandoned the previous peg that kept the currency artificially high.
The new methodology aims to abolish multiple exchange rates and make Nigeria more attractive to investors
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