President Buhari devaluates Naira-One Dollar = 290 Naira

President Muhammadu
Buhari have agreed to devalue the Naira following mounted pressure by the International Monetary Fund IMF. 

The Administration officials took the decision to devalue the
naira without the input of the Governor of the Central Bank of Nigeria
(CBN), Godwin Emefiele, which puts the exchange rates at N290 to
a dollar. Recall that the current official rate is about N200 to a
dollar.

After recording a drastic reductioin in oil revenue, there is a need to source for  credit facility from the IMF  and would only be achieved if terms are accepted . Nigeria could receive as much as $3 billion in
credit facilities from the IMF.