The Central Bank of Nigeria (CBN) has officially devalued naira as a result of its introduction of the new Nigerian Autonomous Foreign Exchange (NAFEX).
The CBN has depreciated the currency by 8 percent, to N410.25 per dollar.
The bank also announced a change of policy on its website.
Two weeks ago Reuters news agency reported that the bank would devalue the naira by depreciating from N379 per dollar to keep the price of one naira in the market.
This change means that from now on the market will be able to determine the value of the naira or its exchange rate during the exchange.
Nigeria has long used a variety of foreign exchange policies, which is why the CBN is focusing on the same process now.
It is uncertain how its value will be in the aftermarket, as the naira has recently reached N490 per dollar.
Below is a list of the current exchange rates against dollars, euros and pounds:
*Dollar – $ 1 / N410.25
*Pounds – £ 1 / N579.64
*Euro – € 1 / N501.07
In a stunning disclosure, fast-rising Eastern Nigerian artist Chella has resorted to social media to vent his displeasure and sadness… Read More
Genevieve Nnaji, a popular Nollywood actress, took to social media to share a wonderful memory from her birthday. The lovely… Read More
Renowned Nigerian actress Genevieve Nnaji celebrated her 45th birthday in spectacular and elegant style, making a successful comeback to social… Read More
Afrobeat star, Davido Responds to fan’s taunt with Wizkid’s signature In the most recent development in the ongoing dispute between Nigerian… Read More
Mercy Johnson, a famous Nollywood actress, is overjoyed as she celebrates her daughter Divine Okojie's fourth birthday. The mother of… Read More
After reportedly enticing a 13-year-old girl to his house with merely ₦200 and hosting her from January to March 2024,… Read More
This website uses cookies.