The Central Bank Of Nigeria has technically devalued the naira to exchange to the dollar at N380, The Punch reports.
The apex bank was reportedly said to have taken this decision after all interventions in the market, such as imposing sanctions on errant operators and use of moral suasion to curb illegal forex operations did not sustain the exchange rate of N360.
In a circular to the operators in the sector, the CBN merged the rates at both the Bureau De Change rate and Import & Export window at N380. Under the new dispensation, the CBN would make the dollar available to the BDCs at N378, which would be sold at N380.
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