exchange rate: In a televised statement last week, Central Bank Governor Godwin Emefiele said that the currency market would now be "purely market driven" starting on June 20 in what the bank is calling a "managed float." "We now believe that the time is right" to reintroduce the "flexible interbank exchange rate market," he said, according to Deutsche Welle. The naira was pegged to between 197 and 199 naira for one US dollar for the past 15 months. This is the first time the west African country has floated its currency, but the country decided that the move was necessary in response to a growing shortage of foreign exchange created by slumping oil prices. In early-morning trading, its value fell to 270 for one US dollar. The country is also struggling with the continuing Boko Haram insurgency. Some experts think that it could lose even more of its value. its official google has said it. #naira now 259.50 to 1$ Naija Olivia Pope June 20, 2016 With oil prices continuing to trade at the lowest prices seen in a generation, Nigeria has been struggling with spiraling inflation and slowing growth.
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