Central Bank of Nigeria CBN Finally Devalues The Naira

Today 15th June, 2016 Nigeria’s official currency, Naira officially devalued to the dollar. The Central Bank of Nigeria announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime.

Under the new plan, the official exchange rate of the naira will exist in a “single flexible window,” which will likely be determined by market forces.

The announcement end months of speculation about the official value of the Nigerian currency.

President Muhammadu Buhari, who is currently on medical vacation in the United Kingdom, had initially opposed

TO READ MORE CLICK http://naijalegit.com.ng/central-bank-nigeria-cbn-finally-devalues-naira/