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Central Bank Upheaval in Nigeria

After the nation's president removed its central bank governor, the naira is at risk of devaluation, as are Nigerian assets.

By Chris Kay and Emele Onu, Bloomberg | Updated on February 25, 2014

Nigeria’s currency is at risk of being devalued after President Goodluck Jonathan suspended the central bank governor last week, eroding confidence in monetary policy and sending the naira to a record low.

The naira, which rose for the first time in six days yesterday, posted its biggest five-day drop in eight months last week. The yield on Nigeria’s July 2023 dollar bond had its steepest one-day jump on record after Lamido Sanusi’s removal on Feb. 20. The security has lost 2.3 percent this year, compared with a 0.6 percent drop in the JPMorgan Chase & Co. index of African sovereign debt.

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