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CBN moves on forex to boost economy
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CBN moves on forex to boost economy

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Central Bank of Nigeria has made moves to strengthen the naira currency to boost domestic manufacturing and lift the economy out of recession caused by the slump in global oil prices.

But analysts said the measures do not go far enough and foreign investment would only return to Africa’s most populous nation once the market determines the currency’s true value.

The naira has lost value against the US dollar, as Nigeria saw revenues from international oil sales dwindle because of the worldwide slump in crude prices.

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