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Markets

Nigerian naira devalues 23pc after currency peg ends

Published Updated

imageLAGOS: Nigeria's naira devalued 22.7 percent against the US dollar on Monday as interbank market trading began following the removal of a central bank currency peg, Thomson Reuters data showed.

The naira traded at 255 against the dollar on Monday, weakening from the 197 peg maintained by the central bank for the last 16 months.

Copyright Reuters, 2016

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