Emulating the diminishing oil cost in global business, the Central Bank of Nigeria today reported the debasement of the Naira, pegging the Dollar to Naira conversion scale at N168 to a dollar as against the N155 it was awhile ago.
Affirming the new conversion scale at the summit bank's Monetary Policy Committee meeting in Abuja, the Central Bank Governor, Mr Godwin Emefiele said the cheapening of the Naira against the dollar is to fortify the Nigerian cash notwithstanding the falling worldwide oil cost. He approached the Federal government and the National Assembly to accelerate the procedure towards the prompt entry of the Petroleum Industry Bill, PIB, which has been pending section for as far back as two years.
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