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NIGERIA INSIGHT: Naira Faces Rocky Future If Abubakar Wins Vote
LAGOS (Capital Markets in Africa~) – Nigeria’s opposition presidential candidate Atiku Abubakar, who is running against incumbent Muhammadu Buhari on Feb. 16, has pledged to float the currency. That’s prompted overstated warnings of a devaluation from the central bank governor. But exposing the economy to currency volatility might do more harm than good in the near term. Nigeria’s trade position has deteriorated. Also, the decline in oil savings and foreign reserves would make a free-floating…
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