CBN Devalues Naira, See New Exchange Rate

The Central Bank of Nigeria (CBN) has today,
November 25, announced the devaluation of the naira,
with the new exchange officially at N168 to a dollar, and
no longer N155.

The CBN officials explained that the move to lower the
value of the naira against the dollar was aimed at
strengthening the currency in the course of the dwindling
oil price.
CBN governor Godwin Emefiele also urged the
government to speed up the process towards the immediate
passage of the Petroleum Industry Bill (PIB) pending
passage for the past two years.
Source:- Premium Times

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