https://kilonshele.com/just-in-cbn-devalues-naira-to-630-1/

The Central Bank of Nigeria (CBN) has taken a significant step by devaluing the Naira to 630/$1, a change from the previous rate of N461.6 at the Importers and Exporters (I&E) window. This move comes shortly after President Bola Ahmed Tinubu’s announcement of the government’s plans to unify the country’s exchange rate, with the aim of stimulating the economy. The devaluation is expected to redirect funds from arbitrage towards meaningful investments in the real economy.

The wide margin between the I&E window and the parallel market has been a concern, as it has encouraged round-tripping with Bureau de Change operators. To address this issue, the CBN has implemented various measures, including a complete halt in the sale of forex to BDCs. In line with this, President Tinubu held meetings with strategic institutions, including CBN Governor Godwin Emefiele, to discuss exchange rate matters.

At the recent weekly bidding for foreign exchange, the CBN sold the spot rate to banks on behalf of their customers at the new rate of N631 to a dollar, and most bidders received the full amount they requested. Consequently, prices at the parallel market have started to decrease. In Abuja and Kano, for instance, prices dropped from N750 to N745 per dollar.

The naira’s value in the parallel market has reached its lowest point in a year, driven by expectations of a potential change in exchange rate management under the new administration. Umar Salisu, a BDC operator, reported that the naira dropped to N762 per dollar, compared to N775 the previous day.....

https://kilonshele.com/just-in-cbn-devalues-naira-to-630-1/

It is well always...