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Nigeria Devalues its Currency as Recession Looms

For months, President Muhammadu Buhari opposed devaluing Nigeria’s currency, saying he wouldn’t support having the naira “killed.” That stance shifted Monday, when the central bank floated the currency. It promptly lost 30 percent of its value against the dollar, but the move may have saved Nigeria’s oil-dependent economy, which is poised for a recession. Keeping the naira strong had drained the country’s foreign reserves and scared off investors, economists say. Militant...

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