CBN Devalues Naira; Sets Exchange Rate At N168 To A Dollar

Central Bank Governor Godwin Emefiele

 

 

The falling oil price in international market has affected the value of the Naira, to this effect the Central Bank of Nigeria yesterday announced the devaluation of the Naira, putting the Dollar to Naira exchange rate at N168 to a dollar against the previous exchange rate of N155.

The bank put the official exchange rate of Naira at N168 to a dollar, a decision bent on strengthening the currency.

They also moved the private cash reserve ratio from 15 per cent to 20 per cent, and maintained  75 percent ratio of the public sector cash reserve.

Announcing the new exchange rate at the apex bank’s Monetary Policy Committee meeting in Abuja, the governor of the apex bank, Mr. Godwin Emefiele, emphasized on the continued drop in global crude oil prices and urged the government and the National Assembly to speed up the process towards the quick passage of the petroleum industry bill, PIB, which has been pending for the past two years.