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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