CBN devalues naira, raises interest rate to 13 per cent

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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 target band of the currency to 160-176 naira to the U.S. dollar, compared with 150-160 naira previously, owing to prolonged naira weakness and high dollar demand.
Source: http://www.ereporter.com.ng/index.php/business-news/item/1646-cbn-devalues-naira-raises-interest-rate-to-13-per-cent