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Naira gains N8 at parallel market on speculated devaluation

Nigeria’s Naira Woes Point to a Bigger Problem in Africa

Naira on Thursday morning gained 1.07 percent (N8) against the dollar at the parallel market following speculations of devaluation which have been dismissed by CBN.

During the morning trading, the dollar was quoted at N745 as against N753 where it closed on Wednesday at the same market, also known as the black market.

Read also: CBN says naira not devalued

A report from Daily Trust said the Central Bank of Nigeria (CBN) has devalued the naira to N631 from N461.6 to the dollar.

But the CBN on Thursday dismissed the story as ‘falsehood’ and ‘innuendo’.

President Bola Ahmed Tinubu, had in his inaugural speech on Monday signaled plans for a single exchange rate.