Nigeria can't avoid devaluation: S&P

Nigeria will have to devalue its currency at some stage, possibly by more than 15 percent, ratings agency Standard & Poor's said on Wednesday, though it saw the adjustments as likely to be gradual. Investors have seen a devaluation of the naira as long overdue for Africa's largest economy and biggest oil exporter, which has been battered by the recent tumble in crude prices. Many investors are positioning for a devaluation of around 15 percent.