Unified exchange: CBN devalues naira to N631/$1

The Central Bank of Nigeria, CBN, may have devalued the Naira to N631 to the U.S. dollar from N461.6, following President Bola Ahmed Tinubu’s announcement of his critical economic policy direction during the inauguration on Monday.

Daily Trust, reports that dollar was sold at the new rate on the Importers and Exporters window on Wednesday.

Importers and Exporters window was adopted by the CBN in 2017 as a trading platform for investors, exporters, and end-users, where transactions occur at exchange rates dictate by prevailing demand and supply, and other market forces.

The devaluation came on Wednesday after the Tuesday meeting between the CBN Governor Godwin Emefiele and President Tinubu in Abuja.

DAILY COMMERCE reports that President Tinubu had listed unification of foreign exchange rate, forex, and fuel subsidy removal as some of the difficult decisions he would make in his first day in the office as part of the efforts to stimulate the economy.

In the parallel market, the exchange rate closed N750 per dollar on Wednesday from N763 in the previous session.

Leave a Reply

Your email address will not be published.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