• Latest
  • Trending
  • All
  • News
  • Politics
  • Science
  • World
  • Lifestyle

CBN announces naira devaluation

25/11/2014
Israel attacks Iran, targets nuclear and military sites

Israel attacks Iran, targets nuclear and military sites

13/06/2025

A tribute to Uncle Sam at 90, By Azu Ishiekwene  

12/06/2025

The enduring significance of June 12, By Mike Ozekhome

12/06/2025

My reluctant reaction to the rantings of a warped mind, Mutalubi Ojo Adedayo; By Mike Ozekhome

12/06/2025
LASAMBUS responds to 44,152 emergencies in 4 years

LASAMBUS responds to 44,152 emergencies in 4 years

12/06/2025
Ex-ANAN president urges FG to fix power, security

Ex-ANAN president urges FG to fix power, security

12/06/2025
Aliko Dangote’s wealth nearly doubles to $23.9bn, ranks 86th on Forbes Billionaires List

Aliko Dangote retires as Dangote Sugar Chairman after 20 years

12/06/2025
Tinubu reacts to Super Eagles’ ordeal in Libya

Tinubu awards national honours to Soyinka, Falana, others

12/06/2025
Why President Tinubu did not address petrol prices on Independence Day

Full Text of Tinubu’s State of the Nation Address

12/06/2025
Democracy Day: Elipse says Gov Mutfwang sticking to democratic principles 

Democracy Day: Elipse says Gov Mutfwang sticking to democratic principles 

12/06/2025
Tinubu honours Kudirat Abiola, other heroes of democracy

Tinubu honours Kudirat Abiola, other heroes of democracy

12/06/2025
Elipse boss Akogwu, hails Tinubu on Democracy Day

Elipse boss Akogwu, hails Tinubu on Democracy Day

12/06/2025
  • Home
  • News
    • Security
    • Foreign
  • Business
    • Technology
    • NIMASA & Maritime
  • Entertainment
    • Relationship
    • Style
  • Politics
  • Features
  • Sports
  • Column
    • Opinion
    • Column – Monday
    • Column – Thursday
    • Column – Wednesday
    • column – Friday
Friday, June 13, 2025
  • Login
  • Register
SundiataPost
  • Home
  • News
    • Security
    • Foreign
  • Business
    • Technology
    • NIMASA & Maritime
  • Entertainment
    • Relationship
    • Style
  • Politics
  • Features
  • Sports
  • Column
    • Opinion
    • Column – Monday
    • Column – Thursday
    • Column – Wednesday
    • column – Friday
No Result
View All Result
SundiataPost
No Result
View All Result
Home Business

CBN announces naira devaluation

by Admin
25/11/2014
in Business
242 10
0
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Abuja- The Central Bank of Nigeria (CBN) on Tuesday in Abuja announced devaluation of naira by N13 as part of measures the bank said were aimed at strengthening the nation’s economy.

The CBN Governor, Mr Godwin Emefiele, disclosed the devaluation to newsmen after a meeting of the Monetary Policy Committee.

Emefiele explained that under the new arrangement, the naira would now exchange for N168 instead of the old official rate of N155 to one U.S. dollar.

He said the meeting also decided to increase the Monetary Policy Rate (MPR) by 100 basis point from 12 per cent to 13 per cent.

The MPR is the rate at which banks borrow from the Central Bank to cover their immediate cash shortfalls.

The higher the cost of such borrowing, the higher the rate at which banks advance credit to customers.

Emefiele noted that there was an increase in Cash Reserve Ratio (CRR) on private sector deposits by 500 basis point from 15 per cent to 20 per cent.

The CRR is a monetary tool used to either call up excess liquidity or release funds needed for the growth of the economy as situation demands.

He further said that the public sector CRR will be retained at the current level of 75 per cent and the symmetric corridor of plus or minus 200 basis points around the MPR will be maintained.

“The public sector should be retained at 75 per cent and foreign exchange trading position should also be retained at 1 per cent,’’ Emefiele said.

The CBN governor said the decision to lower the value of naira against the dollar was to strengthen the currency. (NAN)

Share this:

  • Tweet
  • Print
  • Telegram
  • Email
  • WhatsApp
Tags: CBNnairaNigerian newspaper
Share196Tweet123
Admin

Admin

https://sundiatapost.com/wp-content/uploads/2025/01/cbn-gocashless.mp4

For more news updates and commentaries click below to join us on WhatsApp

PAY ATTENTION: Follow Sundiata Post on WhatsApp so you don’t miss breaking news and commentaries. Click HERE TO JOIN US NOW!!!

SundiataPost

Copyright ©2024 SundiataPost. Website - 08067783809

Navigate Site

  • About
  • Advertisement
  • Privacy Policy
  • Contact Us
  • The Team

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Security
    • Foreign
  • Business
    • Technology
    • NIMASA & Maritime
  • Entertainment
    • Relationship
    • Style
  • Politics
  • Features
  • Sports
  • Column
    • Opinion
    • Column – Monday
    • Column – Thursday
    • Column – Wednesday
    • column – Friday

Copyright ©2024 SundiataPost. Website - 08067783809