Business
CBN adjusts forex rate, naira slides down to N435/$1 at official market
In what appears to be another devaluation of the naira, the Central Bank of Nigeria (CBN) on Friday, adjusted the country’s exchange rate on its website to N413.49/$1, causing the naira to tumble to N435 against the dollar at the official market.
The CBN had in May, devalued the naira from N379 to N411/$1 by adopting the (I&E) window.
Tjhe local currency, which opened trading at an indicative price of N420.67 to a dollar, dropped to N435 at the end of Friday’s trading, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.
The naira was quoted as high as N445.50 per dollar during the intra-day trading.
The apex bank has devalued the exchange rate multiple times since March 2020 as it tries to bridge the disparity between the official and parallel market rates.
At the parallel market, the local currency stabled at N570 to a dollar.