Nigeria is devaluing its currency in a bid to restore growth that has been wiped out by falling oil prices.
Africa's leading economy, Nigeria, slid into a recession in the second quarter. A drop in investment and oil prices, currency weakness and a hike in inflation are adding to the country's woes.
In response to continued low oil prices, the Nigerian Central Bank floated its currency Monday and the naira subsequently lost over a third of its value. Some are praising the move as positive for Nigerians.
WFP's Chief Economist Arif Husain tells DW the humanitarian situation in Nigeria is far worse than anything he's seen. At a donor conference in Oslo, the UN had appealed for food aid for nearly three million people.
Nigeria is to close its airport in Abuja for urgent repairs to the runway. This will further exacerbate financial losses in the aviation industry which has just seen the biggest carrier Arik Air taken over by government.
© 2017 Deutsche Welle |
Legal notice |
| Mobile version