The battle to save the
naira may have been lost, with the Central Bank of Nigeria (CBN) yesterday
devaluing the currency.
The move is aimed at curtailing speculations against the
currency, which has been battered by the relentless slide in the price of oil.
The CBN increased the benchmark interest rate to 13% from 12%.
Nine of the 11 members of the Monetary Policy Committee (MPC) voted for the
devaluation. The naria is now to trade at N168 to $1 from the previous N155.
The announcement was made by the CBN Governor, Mr. Godwin
Emefiele, while briefing journalists shortly after the MPC meeting
at the bank’s headquarters in Abuja.
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