Home Business CBN devalues naira to N631/$1
CBN devalues naira to N631/$1
According to Punch:
The naira has been devalued by the Central Bank of Nigeria, with the exchange rate now set at N631 to the dollar, compared to the previous rate of N461.6. This devaluation took place just 48 hours after President Bola Ahmed Tinubu announced the Federal Government's intention to unify the country's exchange rate as a measure to stimulate the economy.
As reported by the Daily Trust, the new exchange rate was implemented and applied to transactions on the Importers and Exporters window on Wednesday.
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