Business CBN Devalues Naira, Raises Lending Rates

L

LequteMan

Guest
In a bid to reshape Nigeria's fiscal policies and strengthen the Naira following continued fall in global oil prices, the Central Bank of Nigeria, CBN, has announced a new official naira-to-dollar exchange rate, forcing down the Nigerian currency by 13 naira, Premium Times reports.

The bank devalued the naira at its monetary policy committee, MPC, meeting on Tuesday in Abuja, where it also reviewed Nigeria’s monetary policy rate, which highlights Nigeria's lending rate, from 12 per cent to 13 per cent.

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 per cent to 20 per cent, while retaining public sector cash reserve ratio at 75 percent.

Mr. Emefiele noted the continued drop in global crude oil prices and reiterated the call on the 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.

#Nigeria #PIB #Naira #CBN

godwin emefiele.jpg
 
Back
Top