Naira devaluation: CBN announces official rate for dollar as N380/dollar

The Central Bank of Nigeria, CBN, has moved the Foreign exchange sales rate to FPIs to N380/$.

This is the highest official exchange rate between the dollar and naira in over two years suggesting a devaluation is in the offing.

The Central Bank of Nigeria shared the weekly exchange rate to all banks and Bureau De Change Operators stating that the BDCs to end-users should not be more than N380/1USD.

Banks trading at the Investor and Exporter (I&E) window bought dollars at N360/$1 from the CBN on Friday March 20, 2020. The I&E window is the official market where forex is traded between banks, the CBN, foreign investors and businesses. The central bank typically buys or sells in the market as part of its intervention program.

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