Nigeria’s annual inflation moved to the highest rate in almost 11 years in June, complicating the task of the Central Bank of Nigeria (CBN).

The Nigerian currency took a dive on Thursday at both parallel and official markets, becoming the worst performing currency in Africa in 2016.

The Central Bank of Nigeria (CBN) has made history in the Nigerian FX market as it becomes the pioneer seller of the Naira-settled OTC FX Futures contracts on FMDQ OTC Securities Exchange (FMDQ) today, Monday, June 27, 2016.

Nigerian banks are sufficiently well capitalised to absorb the impact of the 40% effective devaluation of the naira against the US dollar seen as of yesterday, the third day of trading under the country's new market-driven exchange-rate policy regime, says Fitch Ratings.