CBN Reduces Value Of Naira

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.