Nigerian President Muhammadu Buhari hinted for the first time that he would accept a devaluation of the naira, spurring speculation it may take place early next year when the local market reopens for trading. The Central Bank of Nigeria is fine-tuning the management of foreign exchange and will introduce “some flexibility” that will encourage additional inflows, Buhari told lawmakers in Abuja, the capital, on Tuesday as he presented the country’s 2016 budget . “I am aware of the problems many Nigerians currently have in accessing foreign exchange for their various purposes,” the president said. “These are clearly due to the current inadequacies in the supply of foreign exchange. We are carefully assessing our exchange-rate regime, keeping in mind our willingness to attract foreign investors, but at the same time managing and controlling inflation to a level that won’t harm average Nigerians.” The currency of Africa’s biggest oil producer and […]