foreign exchange rate

ABUJA, Nigeria — Nigeria’s central bank has ended its distorted foreign exchange rate, a move the new government in Africa’s biggest economy hopes will help woo investors and stabilize the local currency.

Now, the currency devaluation is expected to push up prices for imports like food amid a significantly higher foreign exchange rate.

Taking out the impact from changes in the foreign exchange rate, Amazon reported net sales increased 11% year over year.

"A predictable and stable foreign exchange rate is also advantageous to us," he said, adding that cooperation with foreign exchange authorities would be based on achieving good investment returns.

Excluding changes in the foreign exchange rate, Amazon says net sales increased 13% year over year.