March 12, 2020 / 9:59 PM / a month ago

Nigeria central bank says market fundamentals do not support naira devaluation at this time -statement

LAGOS, March 12 (Reuters) - Market fundamentals do not support a devaluation of Nigeria’s naira currency at this time, the central bank said in a statement on Thursday.

The currency in Africa’s top oil producing country has come under pressure after crude prices plunged over the weekend following a disagreement between Russia and Saudi Arabia over a deeper production cut. The coronavirus outbreak has also hit global demand for crude oil. (Reporting by Alexis Akwagyiram; Editing by Sandra Maler)

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