The Central Bank of Nigeria, yesterday, devalued the national currency, the Naira, as it moved the midpoint of the official window of the foreign exchange market from N155 to N168 to the one US Dollar. This means that the Naira will exchange between N168 and N174 to the dollar at the foreign exchange market. Official devaluation of the naira became inevitable as a result of reduction in government revenue from oil production and sales. The devaluation will increase the volume of Naira available to the federation account and to various levels of government to prosecute their local programmes.
The CBN Monetary Policy Committee also, yesterday, raised the interest rate benchmark from 12 per