The official exchange rate between the Nigerian naira and the US dollar concluded at N664.04/$1 at the investor and exporter window, signifying a significant devaluation of 29% in a single day.
This adjustment comes after the Central Bank of Nigeria allowed commercial banks and dealers to sell forex at market-determined rates, in line with President Tinubu’s call for exchange rate unification.
However, the official rate remains considerably different from the black market rate, which reached as high as N775/$1 when assessed at midday on Wednesday.
Details shortly…
