Nigerian Naira is Devalued, Now N168 to $1- The CBN announced.

The Nigerian Apex Bank on Tuesday in Abuja announced its decisions on devaluation of the Nigerian Naira by N13. According to the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele when disclosing its decisions after a meeting of the Monetary Policy Committee at Abuja said " the move is part of the efforts to strengthen the nations economy. In a report by the punch online papers, Mr. Emefiele made it clear that the Nigerian Naira would now exchange for N168 to $1 instead of the old official rate of N155 thereby increasing the Monetary Policy Rate by 100 points from 12% to 13%. Nonetheless, the CBNs action had since then been felt in the country as the citizens now witness scarcity of the Dollar even at the Black Markets as it now sales for about N173 to N175 to $1 giving room for sharp practices. Increase in the Monetary Policy rate which is the rate at which the CBN lends to Commercial banks had on its part increased the lending rate at which the money deposit banks lend to their customers as accordong to them " they are in bussiness for profit" According to the CBN, the decision to devalue the Nigerian Naira against the Dollar ( $ ) was to strengthen the Naira. The decisions made at the last Monetary Policy Committee meeting did not elude the Cash Reserve Ratio (CRR ) which was increased from 15% to 20%. The CRR which is another monetary policy instrument used to either mop up excess liquidity ( cash ), in circulation and verse versa