L
LequteMan
Guest
Nigeria- The Central Bank of Nigeria has officially acknowledged the “technical devaluation” it carried out when it closed the rDAS window last week, by changing the Naira/USD official exchange rate on its website from N168/$1 to N199/$1.
Our currency now exchanges for N199 per US Dollar, Nairametrics says.
Before now the CBN had N168 on its website and had been that way since the devaluation back in November 2014.
The current devaluation comes as no surprise as the CBN has now shut down the rDAS effectively dumping it’s preferred exchange rate band thus relying on the interbank market to set rates.
No circular was released nor a press statement issued confirming if this is a devaluation or according to Nairametrics, is the Naira perhaps, now floating?
#Nigeria #Naira #Dollar
Our currency now exchanges for N199 per US Dollar, Nairametrics says.
Before now the CBN had N168 on its website and had been that way since the devaluation back in November 2014.
The current devaluation comes as no surprise as the CBN has now shut down the rDAS effectively dumping it’s preferred exchange rate band thus relying on the interbank market to set rates.
No circular was released nor a press statement issued confirming if this is a devaluation or according to Nairametrics, is the Naira perhaps, now floating?
#Nigeria #Naira #Dollar
