Nigeria’s central bank devalued the naira by 7.6% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency. The Abuja-based Central Bank of Nigeria replaced the fixed rate of 379 naira to a dollar used for official transactions with the nafex or the I&E exchange rate of 410.25 naira per dollar, according to data on its website on Tuesday. The unification of the two rates will improve the country’s currency-management system and help meet the conditions of the International Monetary Fund and investors for transparency. Nigeria had ... (full story)