BREAKING: Venezuela devalues currency by 96%

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Venezuela has devalued its currency — the bolivar — by 96 percent under a new exchange rate announced by the central bank on Tuesday.

The announcement comes a day after new bank notes stripped of five zeroes entered circulation as part of a radical plan by President Nicolas Maduro to curb hyperinflation, though business leaders criticised the move as counter-productive.

The Central Bank of Venezuela set the rate at 68.65 bolivars to the euro, equivalent to around 60 bolivars per dollar.

(AFP)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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