The Central Bank of Nigeria (CBN) has officially devalued the naira or “adjusted” the official rate of the naira as the apex banks likes to call it. The CBN adjusted the official exchange rate of naira against the dollar on its website to N379.00 per dollar from N360.00 per dollar previously stated.

This is coming two months after the Apex Bank’s Governor, Godwin Emefiele disclosed, that the bank is working towards...

Read full article at https://investogist.com/cbn-devalues-the-official-rate-of-naira-for-the-second-time-in-2020/

On our Naira is bleeding because it's value is depreciating faster than we know.
I hope the Naira will regain it's value soon.

Emefiele... Since that guy became CBN governor Naira has been on a downward slope, even before Covid-19.

I miss Sanusi. That man stopped so many nonsense in the finance sector. Once Godwin Emefiele came in, they reintroduced charges, even wanted to tax POS transactions thereby frustrating the cashless policy which could increase robbery incidents due to excess cash.

One of the reasons why I decided to stop making money in Naira

dawnomike:
One of the reasons why I decided to stop making money in Naira

Teach me how to make money....


No matter the currency � � �

Vyzz:





Teach me how to make money....


No matter the currency � � �

Appologies but I have stopped teaching Nairalanders... People here take things for granted especially when it comes free

dawnomike:
Appologies but I have stopped teaching Nairalanders... People here take things for granted especially when it comes free

I will SURPRISE YOU....




GIVE ME A TRY

loneprof:
Emefiele... Since that guy became CBN governor Naira has been on a downward slope, even before Covid-19.

I miss Sanusi. That man stopped so many nonsense in the finance sector. Once Godwin Emefiele came in, they reintroduced charges, even wanted to tax POS transactions thereby frustrating the cashless policy which could increase robbery incidents due to excess cash.

This govt uses him to torment Nigerians is a fact.

hisgrace090:




This govt uses him to torment Nigerians is a fact.

I left out that part because of the political bigots on Nairaland. They might say I'm a PDP member for mentioning the obvious.

He's just an APC tool, nothing more.

well, that's not good, neither is it bad

World economy has collapsed due to COVID , if we want to avoid 100% recession, i believe this is one of the steps to be taken


good news for some people though

GMBuhari:
well, that's not good, neither is it bad

World economy has collapsed due to COVID , if we want to avoid 100% recession, i believe this is one of the steps to be taken


good news for some people though

I don't see how devaluation of the Naira would help to stabilise the economy. Countries that may benefit from devaluation are those countries with a solid export market, which would make it easier for goods to be purchased, but importation would be more expensive. Since Nigeria doesn't have so much to export, I wonder how it helps the common man, since the major benefits are only visible in a production economy, which Nigeria is not.

The only effect I see here is inflation, which is basically the decrease in value of our currency leading to a higher cost of living. Nigerians are just being made to pay for the trade deficit cos that's what is happening.