• Wednesday, April 17, 2024
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CBN technically devalues Naira: To now sell dollars to foreign investors at N380/$

CBN issues exposure draft on shared services arrangement for banks, OFIs

The Central Bank of Nigeria has moved the FX sales rate to FPIs to N380.2/$, from N366.7/$, in a move that suggests a technical devaluation of the naira, information available from Bloomberg terminal shows.

An analyst in Lagos confirmed to BusinessDay that CBN sold the dollar at N380.2 on the I&E window today, Friday.

The official rate is still N306/$ but BusinessDay expects an announcement of an adjustment to that rate by Tuesday next week.

BusinessDay will keep you updated on the latest developments.