CBN devalues naira to 630/$1
The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window
The devaluation came 48 hours after President Bola Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy
On Tuesday, President Tinubu met with the top echelon of strategic institutions including the CBN Governor, Godwin Emefiele, at the presidential villa
It was gathered that the issue of the exchange rate was discussed at the meeting, according to Daily Trust
The President also met with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari. The removal of petrol subsidy was discussed, it was gathered.
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 Daily Trust that they applied and that their request was fully granted at N631 as against N461.6
