The Central Bank of Nigeria has devalued the naira or “adjusted” the official rate of the naira for the second time in 2020.
The CBN adjusted the official exchange rate of naira against the dollar on its website to N379 per dollar from N360 per dollar.
This is coming two months after the CBN Governor, Godwin Emefiele, disclosed that the bank was working towards unification of the exchange rate around the NAFEX rate.
“We will continue to pursue unification around the NAFEX market,” Emefiele said in June.
The CBN did not issue any official explanation regarding the change in the official exchange rate on its website, which took effect from 6 August 2020.
It will be recalled that following the rate unification disclosure in June, the official rate at FMDQ stood at N381 per dollar on its website, whereas the official rate remained at N360 per dollar on CBN’s website.
This is the second time the CBN is adjusting the value of naira this year, following the crash in oil prices due to the COVID-19 pandemic.
In March, CBN “technically adjusted” naira exchange rate, which saw the investors and exporters’ window rate move from N360/$1 to N380.2/$1, while the official exchange rate moved from N306/$1 to N360/$1.
On Friday, the naira exchange rate at the investors and exporters’ window closed at N386 per dollar while at the parallel market, it exchanged at N475 per dollar.
