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.”
Anti-Corruption
Bank CFO jailed 36 months in U.S. prison for fraud scheme
Mr Luneke defrauded Bank of the Valley, obtaining two loans totalling approximately $4,320,000.
Sport
Mbappe wins historic second World Cup Golden Boot as Spain sweep major individual awards
Mbappe is the first player to win the World Cup Golden Boot twice, having struck eight times to finish top scorer in the 2022 World Cup in Qatar.
World
Food delivery rider wins China’s Lu Xun Literature Prize in poetry
A 56-year-old Chinese food courier, Wang Jibing, has been named the winner of China’s Lu Xun Literature Prize in poetry.
Showbiz
Portable challenges Terry G to boxing match
Nigerian singer Habeeb Okikiola, aka Portable, has challenged veteran artiste Terry G to a boxing match, saying the bout would revive Terry G’s career.
Economy
UK govt fines Southern Water £7 million for sewage pollution
The prosecution came almost exactly five years after Southern Water received a record £90 million fine for nearly 7,000 illegal sewage discharges.
World
Andy Burnham is people pleaser, doesn’t want scrutiny: Kemi Badenoch
The leader of the UK Conservative Party, Kemi Badenoch, has described the prospective prime minister as a “people pleaser”.
