• No benefit in Naira devaluation, says Buhari

    No benefit in Naira devaluation, says Buhari

    President Muhammadu Buhari has reiterated his conviction that the country will not derive any benefit from the devaluation of the naira, even as he expressed discomfort with the reports he was getting from the Central Bank of Nigeria, CBN, for the devaluation of the currency.

    The President spoke despite the implementation of the flexible exchange rate policy, which analysts approximate to mean a devaluation of the nation’s currency.

    Speaking on Monday during the breaking of the Ramadan fast dinner with members of […]

  • CBN to officially announce today the devaluation of Naira, N250 to a dollar

    CBN to officially announce today the devaluation of Naira, N250 to a dollar

    The Central Bank of Nigeria (CBN) will today announce the devaluation of the naira to N250 – $1, authoritative sources familiar the development have said.

    The CBN is presently holding a monetary policy committee (MPC) meeting in Abuja. The apex bank will formally announce the development at the end of Tuesday’s meeting, the sources, who asked to remain anonymous, said.

    Before Tuesday’s decision, the official exchange rate was pegged around N198 – $1 while the parallel market (black market) rate was at […]