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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