CBN Devalues Naira, $1 now N168.

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The Central Bank of Nigeria (CBN) has yesterday, November 25, announced the devaluation of the naira, with the new exchange officially at N168 to a dollar, and no longer N155.
The CBN officials explained that the move to lower the value of the naira against the dollar was aimed at strengthening the currency in the course of the dwindling oil price.

CBN governor Godwin Emefiele also urged the government to speed up the process towards the immediate passage of the Petroleum Industry Bill (PIB) pending passage for the past two years.

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