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Nigeria makes further efforts to defend currency | Nigeria makes further efforts to defend currency |
(about 2 hours later) | |
Nigeria's central bank has brought in further measures to support its currency, the naira. | Nigeria's central bank has brought in further measures to support its currency, the naira. |
Buyers of foreign currency must use that money within 48 hours or be forced to sell it back at the rate set by the central bank. | Buyers of foreign currency must use that money within 48 hours or be forced to sell it back at the rate set by the central bank. |
The naira hit record lows this week of more than 187 against the dollar. | The naira hit record lows this week of more than 187 against the dollar. |
The prolonged fall in the oil price is causing serious problems for Nigeria, which is heavily dependent on the commodity. | The prolonged fall in the oil price is causing serious problems for Nigeria, which is heavily dependent on the commodity. |
Nigeria, which is Africa's largest oil producer, receives 70% of government revenue and 90% of all foreign exchange earnings from oil. | Nigeria, which is Africa's largest oil producer, receives 70% of government revenue and 90% of all foreign exchange earnings from oil. |
The Central Bank of Nigeria (CBN) warned it would impose sanctions on anyone who did not follow its new rules. | The Central Bank of Nigeria (CBN) warned it would impose sanctions on anyone who did not follow its new rules. |
Bet | Bet |
Speculators are betting on further falls in the naira by buying foreign currency in the hope that they will be able to buy more when they reconvert their money back. | Speculators are betting on further falls in the naira by buying foreign currency in the hope that they will be able to buy more when they reconvert their money back. |
In November, the CBN devalued the naira to 168 against the dollar, but its action has not stopped it falling further. | In November, the CBN devalued the naira to 168 against the dollar, but its action has not stopped it falling further. |
Earlier this week, Nigeria was forced to revise its budget because of the dramatic fall in the price of oil. | Earlier this week, Nigeria was forced to revise its budget because of the dramatic fall in the price of oil. |
Its finance minister, Ngozi Okonjo-Iweala, said its economy will now grow at 5.5% this year, rather than 6.4%. | Its finance minister, Ngozi Okonjo-Iweala, said its economy will now grow at 5.5% this year, rather than 6.4%. |
In a separate development, Nigerian oil workers agreed to call off a strike that started on Monday. | |
A spokesman for one of the unions involved, Pengassan, said the government had given assurances that it would address union concerns over refinery maintenance. | |
This includes a renewed push to get a long-delayed bill passed in parliament, aimed at overhauling the industry and improving maintenance. |
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