Central Bank of Nigeria devalues Naira, puts exchange rate at 168 Naira to a dollar

After a 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 from the N155 it was previously.

Announcing the newest 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 from the dollar would be to strengthen the Nigerian currency in the face area of the falling international oil price. He called on the Federal government and the National Assembly to speed up the method towards the immediate passage of the Petroleum Industry Bill, PIB, which has been pending passage for days gone by two years.