Nigeria central bank says market fundamentals do not support naira devaluation at this time

Market fundamentals do not support a devaluation of Nigeria's naira currency at this time, the central bank said in a statement on Thursday.

The currency in Africa's top oil-producing country has come under pressure after crude prices plunged over the weekend following a disagreement between Russia and Saudi Arabia over a deeper production cut. The coronavirus outbreak has also hit global demand for crude oil.