Naira devalued to N435 to dollar at official rate following CBN adjustment
The Nigerian naira has been devalued from N411 to N435 to a dollar, reaching an all-time low at the official market on Friday.
The devaluation was influenced by CBN’s adjustment of the official exchange rate on its website to N413.49 per dollar. The naira formerly exchanged at N411/$1.
This will not be the first time such devaluation will be taking place as CBN Governor Godwin Emefiele, who adopted the Importer & Exporter window (I&E) in May 2021, reduced the naira’s value from N379 to N411.
CBN spokesperson, Osita Nwasinobi, speaking to The Cable said, “If you see N413, then that’s what it is. The market determines the rate.”
FMDQ OTC Securities Exchange, a reliable platform that furnishes the public with forex data showed how the naira which opened at N420/$1 closed at N435/$1 on Friday, December 31, 2021.
The naira’s value has continued to plummet to the dismay of business owners who rely heavily on FX to run their businesses.
The new devaluation may vindicate Aboki FX whose owner was declared wanted by the CBN over allegations of forex data manipulation.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
PHOTOS: Hundreds of civil servants storm Osun state secretariat to celebrate Adeleke’s re-election
Hundreds of civil servants occupied the main entrance to the Osun State government secretariat on Monday to welcome Governor Ademola Adeleke, after his re-election.
Politics
Edo assembly speaker Blessing Agbebaku resigns
Blessing Agbebaku, the speaker of the Edo State House of Assembly, has resigned.
Politics
Former presidential candidate says Osun election turning point for Nigeria’s democracy
Ex-presidential candidate Martin Onovo of the National Conscience Party has described the outcome of the Osun governorship election as a turning point for Nigeria’s democracy.
Economy
TAJBank’s profit before tax surges 74%, assets reach N1.34 trillion
TAJBank Limited, a non-interest bank, grew its profit before tax by 74 per cent year-on-year, reaching N31.562 billion for the 2025 financial year.
States
Police nab, arraign two Ogun men for assault
Two men, Shele Taiwo, 38, and Adeola Odunayo, 37, appeared before the Ota Magistrates’ Court in Ogun on Monday for assault.
Politics
Election-related Violence: Adeleke orders headcount of Accord Party supporters killed, wounded
The headcount includes the wounded, the bereaved, persons whose properties were damaged or destroyed, and other identifiable victims of election-related violence.
