May 24, 2016/The Will

The Central Bank of Nigeria (CBN) will today announce the devaluation of the naira to N250 – $1, authoritative sources familiar the development have said.

The CBN is presently holding a monetary policy committee (MPC) meeting in Abuja.

The apex bank will formally announce the development at the end of Tuesday’s meeting, the sources who asked to remain anonymous, told THEWILL.

Before Tuesday’s decision, the official exchange rate was pegged around N198 – $1 while the parallel market (black market) rate was at N346.