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Naira devalued as CBN adjusts official exchange rate

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 Naira devalued as CBN adjusts official exchange rate

The Nigerian currency, Naira, has been devalued from N411 to N435 to a dollar, reaching an all-time low at the official market on Friday.

The devaluation was influenced by Central Bank of Nigeria (CBN) adjustment of the official exchange rate on its website to N413.49 per dollar. The naira formerly exchanged at N411/$1.

This will not be the first time such devaluation will be taking place as CBN Governor Godwin Emefiele, who adopted the Importer & Exporter window (I&E) in May 2021, reduced the naira’s value from N379 to N411.

READ ALSO :Naira to fall below N570/dollar – Experts

CBN spokesperson, Osita Nwasinobi, speaking to The Cable said, “If you see N413, then that’s what it is. The market determines the rate.”

FMDQ OTC Securities Exchange, a reliable platform that furnishes the public with forex data showed how the naira which opened at N420/$1 closed at N435/$1 on Friday, December 31, 2021.

The naira’s value has continued to plummet to the dismay of business owners who rely heavily on FX to run their businesses.

The new devaluation may vindicate Aboki FX whose owner was declared wanted by the CBN over allegations of forex data manipulation.

The naira’s value has continued to plummet to the dismay of business owners who rely heavily on FX to run their businesses.

 

 

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