Nigeria Floats Naira, Causes Record Plunge and Investor Interest

Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market, unifying the exchange rate and scrapping the subsidy, which were the most immediate tasks that President Bola Tinubu faced. The move was well received by investors and economists, and the sovereign dollar bonds surged as much as 2.7 cents on the dollar on news of the devaluation. The local banking index earlier surged 23% to a more than 20-year high, after the suspension of the central bank governor who oversaw much-criticised multiple exchange rates.