CBN ‘Devalues’ Naira After Emefiele’s Meeting With Tinubu

The Central Bank of Nigeria (CBN) has reportedly devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day. ()

The devaluation came 48 hours after President Bola Ahmed Tinubu, in his inaugural speech on Monday, said the apex bank must work towards a unified exchange rate country to stimulate the economy.

Following the statement, President Tinubu met with the CBN Governor, Godwin Emefiele, on Tuesday at the Presidential Villa, Abuja over the issue of the exchange rate.

Daily Trust reports that at the resumption of 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 and most bidders got the full amount they requested.

One of the customers told the newspaper that they applied and that their request was fully granted at N631 as against N461.6. The move has also seen prices at the parallel market trend downwards.

It was also learned that prices dropped from N750 to a dollar in the early hours of yesterday to N745 by evening in Abuja and Kano respectively.

The naira 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 naira dropped to N762 a dollar on Friday from 775 the previous day in the unauthorized market in Lagos, said Umar Salisu, a BDC operator who tracks the data in the nation’s commercial capital.

The unit has weakened steadily in the parallel market since last week after stabilizing for most of this year.