Naira Falls To All-Time Low, See New Exchange Rate

Naira Falls To All-Time Low, See New Exchange Rate

 

Naira has fallen to an all-time low with new exchange rate emerging.

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The Nigerian official currency, naira touched an all-time low at the official market to trade at N435 per $1 on Thursday and Friday respectively, after the Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website to N413.49 to a dollar.

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This online news platform understands that the move by the Nigerian apex bank may indicate another round of devaluation of the currency by the bank.

CBN devalued the naira from N379 to N411.00 per dollar in May 2021 after adopting the Investors and Exporters (I&E) window rate, also known as Nafex rate.

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Naira recorded no movement against the U.S. dollar at the official market at the close of business on Friday, being the last day of 2021. It closed at N435.00 to a dollar, the same rate the currency exchanged hands with the greenback on Thursday, data published on FMDQ securities exchange windows where forex is officially traded showed.

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