Nigeria: Falling oil adds to naira woes

NIGERIA’S naira opened at a record low yesterday on concerns that falling oil prices will lead to lower government revenues and with dealers waiting to see if the central bank will do anything to help the currency. The central bank is widely expected to keep interest rates on hold at the end of a two-day meeting today despite some pressure for an increase to support the naira, which is down almost 11 percent this year. The price of oil, Nigeria’s main export, has plunged, adding to worries about government finances. Political tensions ahead of elections in February and a violent insurgency waged mostly in the north-east by the Islamist group Boko Haram have also contributed to concerns about stability in the country. – Reuters