CBN Devalues Naira, New Exchange Rate now N168 to a dollar

The Central Bank of Nigeria, CBN, has announced a new official naira-to-dollar exchange rate, forcing down the Nigerian currency by N13, as the country struggles to reshape its fiscal policies in response to dwindling oil price.
The bank devalued the Naira at its monetary policy committee, MPC, meeting today in Abuja, where it also reviewed Nigeria’s monetary policy rate from 12% to 13%. The monetary policy rate highlights lending rate for the country’s economy.

The Naira will now exchange officially at N168 to a dollar, and no longer N155, the bank said. The bank also moved the private cash reserve ratio from 15% to 20%, while retaining public sector cash reserve ratio at 75%.

The CBN said the decision to lower the value of Naira against the dollar is to strengthen the currency.