CBN Devalues The Nigerian Naira; Sets Exchange Rate At ₦168 To A Dollar

These are not the best of times for the
Nigerian Naira as the dwindling oil price in
international market has affected the value
of the Naira.
The Central Bank of Nigeria today
announced the devaluation of the Naira,
pegging the Dollar to Naira exchange rate
at N168 to a dollar as against the N155 it
was previously.
Announcing the new exchange rate at the
apex bank's Monetary Policy Committee
meeting in Abuja, the Central Bank
Governor, Mr Godwin Emefiele said the
devaluation of the Naira against the dollar is
to strengthen the Nigerian currency in the
face of the falling international oil price. He
called on the Federal government and the
National Assembly to speed up the process
towards the immediate passage of the
Petroleum Industry Bill, PIB, which has been
pending passage for the past two years.

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