Opinion

Naira devalued

Word count: 709

In a bold move, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted to devalue the naira as well as tighten monetary policy instruments following its meeting on Tuesday, November 25. All 11 members of the MPC voted to devalue the official naira exchange rate from a mid-point of N155/$ to N168/$ (i.e. by 8.4%), while the corridor was adjusted from ±3% to ±5%.