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It’s Official, Nigeria devalues Naira, currency now N380 to $1

Nigeria, Africa’s biggest crude oil exporter, has officially devalued its currency, Naira, against the dollars.

The country’s apex bank, Central Bank of Nigeria (CBN), which announced the devaluation of the official exchange rate for the second time this year, sank Naira value by N20.

Information on the website of the central bank reveals the CBN adjusted the official exchange rate to N380/$1 from N360.1/$1. The adjustment occurred on Thursday August 6th 2020.

This suggest the CBN may have unified the exchange rate in line with the promise made by Godwin Emefiele, the Governor of the Central Bank of Nigeria.

The apex Bank priced the official exchange rate as follows:

Current (Previous)
Buy- N379 (N360)
Central – N379.5 (N360.5)
Sell – N380 (N360.1)