CBN further devalues naira, now N411 to dollar

Central Bank Governor Godwin Emefiele had in February confirmed that the naira has depreciated at the official market to N410 against the dollar.

HILLARY ESSIEN • MAY 15, 2021
CBN Governor Godwin Emefiele and President Muhammadu Buhari
CBN Governor Godwin Emefiele and President Muhammadu Buhari
The naira traded at a record low against the dollar at the official NAFEX window on Friday.

Reuters reports that this could be a move by the CBN to unify multiple exchange rates.

The naira closed at 411.25 — the last closing rate for the naira, despite hitting N419.75 to a dollar during the intra-trading day.

Having traded within a band of 380 and 381 to the dollar since July last year, the naira hit a record low of 419.75 against the dollar on Friday.

The different trading rates have attracted warnings from the World Bank, who have asked that the rates be unified in order to attract investment.

The Governor of the apex bank, Godwin Emefiele, had in February confirmed that the naira has depreciated at the official market to N410 against the dollar as the government tries to boost earnings from crude sales, its main export.

On Friday, The CBN removed the exchange rate of N379/$1 from its website homepage. The exchange rate displayed on the website was usually the reference point for the official exchange rate of the country. The last data entry for the exchange rates show May 10.

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Smh, unproductive country

This country is a joke

They have succeded in destroying this country for the common man.

there target is 1000 to $1...


if they can't give us 1naira to 1dollar at least we go dey manage 1000 to $1

Will not be surprise if 1Dollar becomes 1k b4 2023

Fake country

This is just the beginnng, let them keep covering up....Someone even said it will hit N500 at the black market this month end....ex Ekiti state governor ,Fayose said N1000 by december 2021....we are watching!

Next level

inoki247:
there target is 1000 to $1...


if they can't give us 1naira to 1dollar at least we go dey manage 1000 to $1

That's the actual value. Just check one USDC to naira...it's around #1100 I think. They're still hiding. Soon, dem go shout.

while nations are busy trying to colonize Mars , these folks are busy evaluating their currency , i hope Naira will not be out of existence

Aboki mentality, this is what happens when dull people hold power.

valentineuwakwe:
This is just the beginnng, let them keep covering up....Someone even said it will hit N500 at the black market this month end....ex Ekiti state governor ,Fayose said N1000 by december 2021....we are watching!

It's already over N500 at the black market

Useless godforsaken irredeemable failed country.

Always in retrogression direction.

Hope it won't get to 5000 Naira to 1 Dollar before December !!!

Either China Or U.S Should Come & Buy Dis Country B4 It Gets Out Of Hand.

Freelancers we move!!!!

See why I’m mad at Immigration?

Release my passport before CBN madness makes it almost impossible to afford a Germany block account biko!