Wednesday, November 23, 2011

CBN Devalues Naira, 160 to U.S. Dollar

22 November 2011

Abuja — THE Central Bank of Nigeria, CBN, yesterday, devalued the nation's currency from N150 to N160 to the dollar. In devaluing the currency, the CBN moved the band it wants the naira to trade in to between N150 and N160 to the U.S. dollar, compared with N145-N155 to the dollar it sold previously, due to the prolonged weakness of the naira and high demand of the dollar. At the official market, the naira has always sold above the CBN's upper band.

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