By Tony Obiechina, Abuja
The Central Bank of Nigeria CBN) may have officially devalued the Naira from N379 to N410 per dollar. This is based on the new rate updated on the regulator’s website.
The apex bank appears to have partially bowed to months of pressure by the International Monetary Fund (IMF) to allow the forces of demand and supply to determine the country’s foreign exchange market.
The bank had struggled with maintaining a single foreign exchange window.
With the development, the Central bank has harmonised the official rate with the Investors’ & Exporter (NAFEX) Windows where investors and exporters trade.
But another challenge for the regulator would be the parallel market rate which currently trades at N486 per dollar.
Prompt News reports that last week, the Bank had removed the exchange rate of N379 per $1 from its website homepage.
