CBN devalues naira, raises interest rate to 13 per cent

November 25, 2014

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Godwin Emefiele, governor of Central Bank of Nigeria (CBN)

Godwin Emefiele, Central Bank of Nigeria (CBN) governor The Central Bank of Nigeria (CBN) devalued the naira and raised interest rates by 100 basis points on Tuesday, as it sought to stem losses to its foreign reserves from defending the currency hit by weaker oil prices. The bank moved the ta

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