“Nigeria’s currency touched a record low against the dollar on Wednesday, a day after the central bank devalued it by 8 percent.  Falling world oil prices and a retreat from emerging markets have put pressure on the currencies of several oil exporters, including Angola, where the Kwanza also hit a record low, as well as that of Nigeria — Africa’s top producer.  The country grows most of its own food but imports a number of staples such as wheat and rice, making currency weakness extremely sensitive for a poor population — around 60% of whom were living on less than a dollar a day in 2010.  Falls in the naira have spooked bond investors who had been wooed by Nigeria’s high yields.”

http://www.voanews.com/content/nigeria-naira-touches-record-low-after-official-devaluation/2535204.html

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