It’s now official. The Central Bank of Nigeria has let the naira down by as much as N13 per dollar.
On Tuesday, the Monetary Policy Committee approved the decline from N155 to N168 per dollar. The MPC also increased the MPR to 13% from 12%, signaling an increase in banks’ lending rate.
CBN governor Godwin Emefiele confessed that the naira had been under intense pressure.
By the end of January 2015, the actual exchange rate is likely to hit N200, on account of falling oil prices and reduced foreign reserves.
