Breaking:CBN Devalues Naira To 630/$1

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The naira has been devalued by the Central Bank of Nigeria to N631 per dollar.

In a recent development, the Central Bank of Nigeria adjusted the value of the naira, devaluing it from N461.6 to N631 against the dollar. This decision came just 48 hours after President Bola Ahmed Tinubu announced the government’s intention to unify the country’s exchange rate as a means to stimulate the Nigerian economy.

you will recall that in the president’s inaugural speech, minutes after he was inaugurated as the 16th president of the country, Tinubu said,  “Monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.”

According to reports from the Daily Trust, the 630/$1 was traded at the new rate on the Importers and Exporters window on Wednesday.

Details on this will be provided later…

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