The Naira rose to N470:US$1 last week after measures by the central bank to relax controls on the receipt and application of diaspora remittances in Nigeria
The naira slumped by the most in at least a year on the black market after banks announced restrictions to international spending on naira cards. The move by banks has been widely interpreted as a sign of Nigeria's worsening dollar crunch and is likely to pile further pressure on the black market
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