Nigeria's naira loses 1/4 of value

Nigeria's naira lost 23 per cent of its value after the central bank officially abandoned the US dollar peg.

The naira declined to a low of 255 per dollar after walking away from the 16 month peg to the dollar, which kept the currency at a steady 197 to the dollar. The abandonement of the peg and resulting crash in currency value effectively halted foreign investment as well as activity on the FX market.

Overall, emerging markets have been steady and slightly positive on the news that Britain will stay in the European Union in the upcoming referendum vote dubbed "Brexit." The MSCI Emerging Markets Index gained 1.3 per cent while high commodity and oil prices buoyed emerging market currencies.

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Read more at Reuters.