Home Business CBN Devalues Naira From 416/$1 To 630/$1 After Emefiele’s Meeting With Tinubu

CBN Devalues Naira From 416/$1 To 630/$1 After Emefiele’s Meeting With Tinubu

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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 previous day.

The devaluation came 48 hours after President Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy

On Tuesday, President Tinubu met the CBN Governor, Godwin Emefiele, at the presidential villa.

It was gathered 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 newsmen that they applied and that their request was fully granted at N631 as against N461.6

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