Nigeria devalues Naira as oil prices drop

The Central Bank of Nigeria, CBN, has announced a new official naira-to-dollar exchange rate, forcing down the Nigerian currency by 13 naira, 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 on Tuesday in Abuja, where it also reviewed Nigeria’s monetary policy rate from 12 per cent to 13 per cent.

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