CBN devalues Naira, puts exchange rate at N168 to a dollar

Following the dwindling oil price in international
market, 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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