Nigerian opposition criticise government for currency devaluation

Nigeria's main opposition party, the All Progressives Congress, APC, has criticized the ruling government for its move to devalue the country's currency, saying the policy would hurt the national economy which depends heavily on imports. 

Oil prices have lost a third since June, putting pressure on the Naira which devalued 6.7% this quarter. 

On Tuesday, the Central Bank of Nigeria said it had devalued the Naira, setting the new official exchange rate at 168 to the dollar from the previous rate of 155, citing falling oil prices as the trigger. 

According to the Spokesperson for the opposition APC party, Lai Mohammed, the devaluation of the currency has implications on the people's well- being and the economy. 

XINHUA