Nigerian central bank scrutinised over currency troubles
As the naira continues to weaken, analysts argue CBN has been ‘caught asleep at the wheel'
The Nigerian naira traded at record lows on Monday (November 21), calling into question the central bank's strategy of propping up the currency and raising speculation about a looming devaluation ahead of tomorrow's interest rate decision.
The naira has lost 7% against the dollar since November 7, prompting some observers to speculate that Nigeria is on the cusp of a currency crisis similar to the one that hit Russia earlier this month.
The Bank of Russia burned through $30 billion in foreign
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