The Central Bank of Nigeria (CBN) has devalued the Naira against other foreign currencies. This will be the second time in 2020, that the apex bank, will devalue the Naira, the official exchange rate is now pegged at N380/$1.
According to the Information posted on the CBN website, the bank adjusted the official exchange rate to N380/$1 from N360/$1 on Thursday, August 6th 2020, while closing at N379 as of Friday 7th August, no official press statement has, however, been issued by the bank.
Experts, however, said the decision might be connected with the CBN plan to unified the exchange rate, the CBN Governor, Godwin Emefiele had assured investors in June that the apex bank will unify the exchange rate in line with the conditions of the world bank.
The World Bank had in a meeting where an approval was given for an initial loan of $3 billion to Nigeria, said, one of the conditions for the disbursement of the loan was a unification of the exchange rate.