Nigeria has sharply devalued its currency for the second time in eight months, as the west African country bids to clear up its messy system of exchange rates and attract investment to its flailing economy.
The naira has tumbled this week after the methodology used to calculate the official exchange rate was changed, taking the currency closer to the black market rate.
The move is widely seen as part of market-friendly reforms being introduced by Bola Tinubu, who became president last May and who shortly afterwards jettisoned the years-long peg instituted by the former central bank chief that had kept the currency artificially high.
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