The Central Bank of Nigeria (CBN) has devalued the naira. Naira now exchange for N380 to a dollar.
The decision was taken by the apex bank after it failed to sustain the exchange rate at N360.
The CBN in a circular on Friday to banks and Bureau De Change, fixed the rates at N380 at BDCs and Import & Export window, adding that the CBN would make the dollar available to BDC’s at the rate of N378.
Confirming the new development, Aminu Gwadabe, the President of the Association of Bureau De Change Operators of Nigeria, noted that “there is a circular on it; we are to be buying at N378 and sell at N380.”
He noted that the rates would build confidence in the sector as it would make it impossible for those dealing in illegal operations to be profitable.
“The situation cannot remain like this; things will improve. If coronavirus goes, we will get over it,” he said.
We reported last week that the naira exchanged for N420 to a dollar following CoronaVirus impact and the fall of crude oil in the market.
Princess Ada is a Senior Content Creator and Head of Field Reporters at Naija Buzz News. She is a graduate of The Federal Polytechnic Nasarawa, Nasarawa State, where she studied Accounting before joining the media industry. She’s well experienced in Nigeria’s online media space. Ada previously worked as the Head of Business Operations at 1Push.Ng. She is a proud Igbo from Enugu State, South-East Nigeria.