by Tunji Andrews
The Central Bank of Nigeria, via the Monetary Policy Committee, in line wind the growing head winds from the shock in global crude oil prices; which has also seen the value of the Naira fall to a 2 year low, has unanimously decided to devalue the Naira, in a bid to preserve the Naira.
The MPC decided to devalue the Naira by 8%, from N155 to N168, while widening the exchange corridor from +/-3% to +/-5%. This many analysts believe will reduce pressure on the Naira and particularly the nation’s foreign exchange account, which has falling to $34bn recently.
The MPC also decided unanimously to tighten further by placing the Monetary policy rate at 13%, up from 12%, with the private sector Cash Reserve Ratio was pegged at 20%, up from 15%, with public sector CRR still at 75%.
More to follow
okay.
alrite. decision taken
excuse me sir, will it affect the common man?
okay, we have heard
well, anything for the betterment of the country is allowed
why? still dont get
hmmm speechless
hehehe, everything keep loosing value in nigeria?
serious something
currency wey neva strong before
is there anything nigeria hasnt lost?