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Nigeria's Naira Touches Record Low After Official Devaluation

Nigeria's naira touched a record low against the dollar on Wednesday, a day after the central bank devalued the currency, complicating efforts to contain inflation before presidential elections early next year. The central bank devalued the naira by 8 percent and raised interest rates sharply on Tuesday, trying to stem losses to its foreign reserves spent defending the currency as the price of oil - Nigeria's dominant export - slides on global markets. The naira fell to a...

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