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Report: CBN devalues naira to 630/$1

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Anxiety lingers over fate of naira as speculators exploit CBN low funding

The Central Bank of Nigeria (CBN) has reportedly devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window.

The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy.

In his 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.”

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On Tuesday, President Tinubu met with the top echelon of strategic institutions including the CBN Governor, Godwin Emefiele, at the presidential villa.

It was gathered that the issue of the exchange rate was discussed at the meeting, according to Daily Trust.

The President also met with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari. The removal of petrol subsidy was discussed, it was gathered.

At the resumption of the weekly bidding for foreign exchange, the apex bank sold the spot rate to banks on behalf of their customers at N631 to a dollar and most bidders got the full amount they requested.

One of the customers told Daily Trust that they applied and that their request was fully granted at N631 as against N461.6.

 

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