Exchange dollars for Naira (ph)

The Naira, Nigeria's national currency, has seen an exchange rate adjustment, better a devaluation of 6 Naira to balance with The value of the dollar, the American currency.

The Central Bank of Nigeria (CBN) devalued the Naira against the dollar last Friday. The devaluation of the Naira brought the local currency closer to the CBN's exchange rate unification program as recommended by the International Monetary Fund (IMF) and the World Bank.

The new rates set the sale of dollars to banks at 388 Naira per dollar. Banks will sell the dollar to the CBN at 389 Naira against one dollar, compared to the previous rate of 383 Naira at one dollar. This devaluation brings the Naira closer to the policy of unifying exchange rates recommended by the IMF and the World Bank.

The CBN note signed by Dr. Ozoemena Nnaji, the head of the bank's Department of Commerce and Exchanges, indicated that authorized dealers, currency exchange operators and service providers were guests to add 6 Nairas to all rates.

The devaluation of the Naira is due to the fall in foreign exchange reserves and the decline in Nigerian dollar revenues. This situation is due to the fall in crude oil prices.

Crude oil prices fell to $48.17 per barrel, one of the lowest prices in nearly three years. Nigeria derives more than 95% of its foreign exchange earnings from crude oil sales.

Mensah, KOACI's permanent correspondent in Togo, Nigeria and Ghana

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