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Naira's Nightmare. On Friday, June 17, 2016, the Central Bank of Nigeria (CBN) abandoned the...

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Naira's Nightmare. On Friday, June 17, 2016, the Central Bank of Nigeria (CBN) abandoned the Nigerian naira's (NGN or N) fixed exchange rate and allowed the currency to float. Previously fixed against the U.S. dollar at NGN195.31 = USD1.00, the naira closed at NGN279.36 = USD1.00 on Monday, June 20. the first day of trading following the float. The naira quickly floated (sunk) to NGN323.32 by August 18. Similarly, the naira fell from NGN223.2731 = EUR1.00 to NGN316.2962 = EUR1.00 on June 20, and NGN346.4462 on August 18. a. What was the percentage change in the value of the Nigerian naira versus the dollar the first trading day? b. What was the percentage change in the value of the naira versus the dollar by August 18,2016? c. What was the percentage change in the value of the Nigerian naira verus the euro the first trading day? d. What was the percentage change in the value of the naira versus the euro by August 18, 2016

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