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

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.

Stupi* A** Government with its Stupi* A** monetary Agents, Sometimes I wish We will just Crash the Country and begin again, each time people look as Nigeria all they see is a Failed state.

Jonathan must just GO next year...enough is enough