Naira Plunges After Nigeria Ends Dollar Peg
Currency drops over 40% in another sign of low oil prices hurting economies of major oil-producing nations
By Carolyn Cui and
Julie Wernau
Updated June 20, 2016 7:47 p.m. ET
Nigeria’s currency plummeted more than 40% against the dollar on Monday, the latest sign that low crude-oil prices continue to disrupt the economies of some major oil-producing nations.
The steep losses in the Nigerian naira came on the first day of trading since the central bank ended its currency peg to the U.S. currency.
Nigeria introduced the fixed-currency regime a few years ago in an effort to stabilize the naira. Since
Naira Plunges After Nigeria Ends Dollar Peg
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