CBN Devalue Naira Again?

Indications have emerged that the Central Bank of Nigeria may devalue the naira again following developments in the foreign exchange market.

The currency has been experiencing free fall since November 25, 2014 when the CBN Monetary Policy Committee devalued it by eight per cent from 155 to 168 against the United States dollar.

The Bankers’ Committee which comprises the Central Bank of Nigeria governor, the deputy governors, chief executive officers of Deposit Money Banks and other stakeholders gave the hint of further devaluation on Thursday just as the nation’s External Reserves dropped by $1bn in 12 days.

Read More: Punch