The naira, which rose for the first time in six days on Monday, posted its biggest five-day drop in eight months last week. The yield on
While the acting governor pledged continuity in policy on Friday, saying there were no plans to devalue the currency, the central bank will have to fight to keep the naira within its target range of 3 percent above or below 155 to the dollar at twice-weekly foreign-exchange auctions. The peg might shift to 170 a dollar, boosting inflationary pressures, said
The suspension of Sanusi, 52, followed the governor's calls for an investigation in December into billions of dollars in missing oil revenue. Sanusi, who was due to leave office at the end of his term in June, oversaw a drive for stability.
Sanusi could return if cleared of allegations, Jonathan said on Monday, adding it was within his powers to remove the central bank chief.
The currency strengthened 0.1 percent to 164.35 a dollar by
The bank's monetary policy committee has kept the benchmark interest rate at a record high of 12 percent for more than two years, pushing inflation below 10 percent from more than 15 percent in 2010.
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