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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