Wednesday, 26 November 2014

Naira Devalued

The Governor of Central Bank of Nigeria, Mr Godwin Emefiele yesterday devalued by N13. The Governor said it was part of the effort to strengthen the nation's economy. This was announced after the meeting with Monetary Policy Committee.

The Governor said under the new arrangement that the Naira would exchange for N168 instead of the old official rate of N155 to one dollar.

He said the meeting also decided to increase the Monetary Policy Rate by 100 basis point from 12% to 13%. The MPR is the rate which banks borrow from CBN to cover their immediate cash shortfalls.
The Governor noted that there was an increase in Cash Reserve Ratio on private sector deposits by 500 basis point from 15% to 20%.

After the devaluation of Naira, it was noticed on 26th of November that the value of Naira has even became weaker as it already fell to N176.85 against one dollar.
Value of Naira to Dollar is now at 0.0057.
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