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HomeUncategorizedCBN devalues Naira, restores uniform exchange rate of N380/USD

CBN devalues Naira, restores uniform exchange rate of N380/USD

CBN devalues Naira, restores uniform exchange rate of N380/USD

The Central Bank of Nigeria has made an alteration in exchange rate
of dollar to Naira as confirmed in a communique to all banks and Bureau
De Change on Friday March 20.

The apex bank on Friday sold dollars to deposit money banks at the
rate of N380 to one dollar signaling the official return of a single
exchange rate regime in the country’s foreign exchange market.

The CBN directed banks and Bureau De Change to ensure that the
end-user sales of the Dollar should not be more than N380/1USD. The
communique was on the disbursement of the proceeds of the International
Money Transfer Operator (IMTO).

CBN’s communique which backed the highest official exchange rate
between the dollar and naira in over two years, came barely a week after
the apex bank denied plan to devalue the Naira.

Here is it below;

CBN devalues Naira, restores uniform exchange rate of N380/USD

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