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 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. The CBN said the decision to lower the value of naira against the dollar is to strengthen the currency. 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. The committee urged the government to take advantage of the declining oil prices to cut down on subsidies on supply of petroleum products in the 2015 budget, while states and Local Government should step up efforts to boost their internally generated revenue and reduce reliance on revenues from the federation account. The CBN governor assured that the bank remained committed to maintain financial system stability, while warning against speculative activities that drive inflation. More later…

www.premiumtimesng.com/business/171875-breaking-dwindling-oil-price-cbn-devalues-naira-raises-lending-rate.html

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So how much is the dollar on the black market? If we wan travel now na gbege!

The value of a nation's currency is a reflection of the well being of the nation. Apparently, Nigeria's economy is sick.

So they have successfully passed the inflationary cost on the populace. Since we so much rely on importation and government would not bring down its excise duty on goods Nigerians will have to pay more but come to think of it, its the value of petrol and diesel should remain the same at 97 naira a litre when oil price has nose dived? Government need to cut its recurrent expenditures and excesses,meh we are an exporting economy this would have been a good news but for me, nah its bad.

danmike1:
So how much is the dollar on the black market? If we wan travel now na gbege!

someone at Owerri Imo state said she bought 1 dollar for 198 naira today at the popular black market there called "Ama-Hausa".

I beg wetin be the summary of this because I no understand their economics. We are about to carry some trades to the tune of tens of thousands of dollars. Should I wait or go ahead.
Besides when Jonathan came to power I told people then that this man, knowing fully well that he is from niger delta will build brand new refineries before he finishes his first term to do what other presidents had been denying is so that they can spend less on importation and force the price of local consumption down but here we are today.
Why is it difficult to build this gadem refineries?

4bobo:
I beg wetin be the summary of this because I no understand their economics. We are about to carry some trades to the tune of tens of thousands of dollars. Should I wait or go ahead.

with the way things are going now in this Nation, i think everyone should think twice before doing anything. And be careful!

Good moves in a bad economy...

chimaobikanu:


with the way things are going now in this Nation, i think everyone should think twice before doing anything. And be careful!

Thanks, over 3 weeks now I have been holding but I just don't know because the COT it's self is crazy.

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4bobo:

Thanks, over 3 weeks now I have been holding but I just don't know because the COT it's self is crazy.

Welcome