Monday, July 20, 2026

Naira devalued to N435 to dollar at official rate following CBN adjustment

The naira’s value has continued to plummet to the dismay of business owners who rely heavily on FX to run their businesses.

• January 1, 2022
Dollar and Naira
Bureau De Change

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

farmers

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

Katsina State

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

U.S. census official sentenced to prison for bribery, fraud

The contract was worth millions of dollars. In exchange for steering the contract and modifications, Ms Jones received kickbacks from YMJ Consulting and the subcontractor.

STASH OF DOLLARS

Anti-Corruption

Rockland Congruity to pay about $3 million over PPP loan fraud

As part of the settlement, Rockland admitted that in March 2021, it received a $1,709,099 second-draw PPP loan.

NationWide

NOA urges vigilance against Ebola threat

Ijeoma Ulasi, the deputy director and Health and Social Care Desk Officer of NOA in Enugu, made the call during a sensitisation programme on the disease in Enugu recently.

Politics

Tinubu to rehabilitate Third Mainland Bridge, replace Carter Bridge: Umahi

President Bola Tinubu’s government says its four legacy highway projects are progressing steadily, alongside the approval of new road contracts.

Nigerian women

Abuja

Tinubu govt to revive women’s political empowerment centres

The government unveiled plans to revive Women Political Empowerment Centres across the six geopolitical zones to boost women’s participation in politics.

malnourished children

NationWide

Tinubu govt mobilises N8 billion for child nutrition

The federal government has mobilised over N7.6 billion for child nutrition, enabling essential micronutrients to reach millions of women and children.