President Muhammadu Buhari has agreed to demands to devalue the Nigerian currency to N290 against the dollar, according to SaharaReporters.
This is coming just barely a day after removal of fuel subsidy by the Buhari administration, increasing the price of fuel to N145 a liter.
According to the report, President Buhari made the decision together with his economic team- in absentia and unbeknown to the CBN governor, Godwin Emefiele- for future purposes of credit facilities from the IMF.
The Naira currently sells at the official rate of about N200 to a dollar and at N360 per dollar in the parallel market.
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