News
CBN Devalues Naira To N630 Per Dollar
Naira has reportedly been devalued by the Central Bank of Nigeria to N640 to a dollar, from N461.6 sold at the Importers and Exporters (I&E) window the previous day.
The Naira was devalued barely 48 hours after President Bola Tinubu announced his plan to unify the country’s exchange rate to stimulate the economy.
A wide margin between the I&E window and the parallel market otherwise known as “black market”, has encouraged round-tripping with Bureau de Change operators.
Daily Trust reported that CBN Governor, Godwin Emefiele discussed the issue of the exchange rate at a meeting with Tinubu on Tuesday, May 30.
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