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Following a meeting between President Bola Ahmed Tinubu and CBN Governor Godwin Emefiele, the Central Bank of Nigeria (CBN) has reportedly devalued the Naira to N631 to the dollar from N461.6.
This move came just 48 hours after President Tinubu called for a unified exchange rate to stimulate the economy.
At the weekly bidding for foreign exchange, the apex bank sold the spot rate to banks on behalf of their customers at N631 to a dollar, with most bidders receiving the full amount they requested.
This devaluation has also seen prices at the parallel market trend downwards, dropping from N750 to N745 in Abuja and Kano respectively.
The naira has weakened in the parallel market to the lowest level in a year on expectations of a possible change in exchange rate management after Tinubu takes office on Monday.
The unit has weakened steadily in the parallel market since last week after stabilizing for most of this year.
