The Central Bank of Nigeria, has announced a new official
naira-to-dollar exchange rate, forcing down the Nigerian currency by
13 naira, as the country struggles to reshape its fiscal policies in
response to dwindling oil price.
CBN 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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