• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

DEVALUATION 2.0: Naira Drops To Lowest EVER at The Interbank, Ahead of MPC Communique

Nairametrics by Nairametrics
January 19, 2015
in Currencies, Politics
Share on FacebookShare on TwitterShare on Linkedin

It was another record low for the Naira today after it fell by 3.6% to N191 191.85 naira against the dollar as the market anticipates a decision to devalue further when the Monetary Policy Committee delivers it’s communique Tuesday. The naira however recovered as dollar sales by some oil companies helped reduce the bleeding to close at 187.10 naira to the dollar but still it’s worst ever at the interbank.

The last time the CBN devalued the Naira the dollar was still trading below $80 and has since dropped by over 40% since then suggesting the CBN has no option but to devalue.  The CBN’s higher band of 168 plus 5 has also not being maintained as the naira has traded above 172 naira since it announced the last devaluation. The CBN has spent $2b defending the naira since it announced devaluation and has spent about $33b in 2014 defending the naira.

Whether the CBN has the courage to go through another round of devaluation will be a major concern considering the fast approaching February 14 Presidential election. If it goes on to devalue, it is likely that the opposition will pounce on this as another arsenal in their criticism of the handling of the economy by this government, giving further reasons for undecided voters to perhaps vote the opposition.

RelatedStories

CBN issues directive to curb mass sacking by banks

How companies determine who to fire in an economic crunch

November 29, 2022
shopping mall prices

Why A Drop In Inflation Does Not Necessarily Mean A Drop In Prices Of Commodities

July 17, 2019

The Federal Government also reduced the pump price of Petroleum to N87, a move that was thought to be long overdue but see  by many as an attempt to lure dissenting voters. The government is yet to explain how it will fund this latest round of subsidy payments considering the fiscal crisis it is facing.

MPC communique will be delivered by the CBN Governor Tuesday afternoon.

 

Update: The article was corrected to reflect the correct closing price of the dollar at the interbank to N187.10 and not N189.26

Tags: News Review
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

CBN issues directive to curb mass sacking by banks
Small Business

How companies determine who to fire in an economic crunch

November 29, 2022
shopping mall prices
Blurb

Why A Drop In Inflation Does Not Necessarily Mean A Drop In Prices Of Commodities

July 17, 2019
Treasury Bills
Financial Literacy

20 Financial Terms You Need To Know In The Stock Market

August 5, 2018
MTN Nigeria Plc
Business News

30% equity of MTN’s shares could go to retail investors

June 13, 2018
[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies
Macros

THIS WEEK: Big Macros and a very important task for President Buhari.

June 10, 2018
internet subscriptions growth
Business News

Why Glo and 9mobile are losing their internet mobile subscribers

June 5, 2018
Next Post

Following Fuel Price Reduction, This Is How Much Nigeria Now Pays As Fuel Subsidy Per Litre

Comments 1

  1. marshal says:
    January 22, 2015 at 2:00 pm

    only God would help us

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG
  • 15 things you don’t need to start a business in Nigeria 
  • NNPC, Akwa Ibom, GACN sign $3.5 billion gas agreement

Follow us on social media:

Recent News

Doctors

South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG

July 15, 2025
Small Business

15 things you don’t need to start a business in Nigeria 

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics