Business Nigerian naira crashes after Pesident sacks Central Bank chief - The Hindu

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Nigeria’s naira currency has crashed and financial markets closed on news that President Goodluck Jonathan has suspended the Central Bank governor who disclosed that billions of dollars are missing from the coffers of Africa’s biggest oil producer.

Financial analysts say the naira plummeted from 163 to 169 to the U.S. dollar when Mr Jonathan’s statement became public. The Nigerian Stock Exchange stopped trading.

Analyst Bismarck Rewane said the development is “very disruptive” and warned of “a very difficult time” for the naira and the Nigerian financial market in the near-term.

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Source: The Hindu

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