CBN, Buhari to officially devalue naira? Find out proposed rate to a dollar!
– There are reports that CBN will make an announcement later Tuesday, May 24 on if to devalue the naira
– Current official rate is N198 while parallel market rate is N337
If reports by The Will are anything to go buy, then President Muhammadu Buhari may have given his nod for the further devaluation of the naira.
Report says naira may be devalued
The report says the Central Bank of Nigeria (CBN) will be announcing a devaluation that would put the naira at N250 to a dollar later today.
It said the CBN was holding a monetary policy committee (MPC) meeting in Abuja at the time of this report.
READ ALSO: Naira trades at N340/$1 in black market
At the end of the meeting, the decision would be announced.
Currently, the official rate is N198 to $1 while at the parallel market it hovers around N337 and N346 to a dollar.
NAIJ.com had earlier today reported that despite the myriad of economic headaches Nigeria has continued to suffer, the nation’s currency, naira has strengthened against the American dollar in the black market.
Our Bureau De Change source in Katsina had told us the naira has gained strength and trades at N337/$1 today, May 24, as against the N340/$1 rate on Monday, May 23.
The Nigerian currency had started last week on a disappointing note trading at N367/$1.
It however made a remarkable comeback in the early hours of Tuesday, May 17, trading at N348/$1 across major parts in the country before strengthening further and staying consistent to close the week at N340/$1.
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