Nigeria will float its embattled naira currency, the Central Bank governor announced on Wednesday after months of pressure to control a spiraling crisis in Africa’s biggest economy.
Governor of the Central Bank of Nigeria, Godwin Emefiele told reporters the naira rate will be “market-driven” from June 20.
Critical foreign currency shortages caused by slumping oil prices forced a policy change that President Muhammadu Buhari had resisted for months. The bank had defended the naira at a rate of 197 to the dollar while the currency was trading at up to 370 on the parallel market.