Nigerian authorities are facing growing pressure to devalue the naira as the price of oil, its biggest source of foreign exchange, fell to the lowest since 2004. The Central Bank of Nigeria may revise its target for the naira by about 20 percent to 240 to 250 per dollar after oil continued its decline, Alan Cameron, London-based economist at Exotix Partners LLP, said in note. The currency was unchanged at 199.05 per dollar at 7:01 p.m. in Lagos, the commercial capital. “Cumbersome foreign exchange restrictions are strangling economic growth,’’ John Ashbourne, London-based Africa economist at Capital Economics, said in note to clients on Wednesday. “The authorities will be forced to devalue the naira in the first half of 2016.” Africa’s biggest economy needs more flexibility in setting monetary policy so it can use its foreign currency reserves to support the poor population, International Monetary Fund Managing Director Christine Lagarde […]