Nigeria needs to devalue Naira, says Guaranty Trust Bank's CEO Segun Agbaje

Segun Agbaje, CEO, Guaranty Trust Bank

Nigeria needs to devalue the naira as falling oil prices and the global markets rout this week mean the currency’s exchange rate is unsustainable, according to biggest local bank by market value.

“There’s only one way the currency can go,” Segun Agbaje, chief executive officer of Lagos-based Guaranty Trust Bank Plc, said in a conference call on Tuesday.

“As a country, we have to make the difficult decision. At the current oil price and with what’s happening in the world, we’ll have to deal with some measure of devaluation.”

Read more: Nigeria’s Currency Needs Devaluation, Guaranty Trust Bank Says – Bloomberg Business