CBN to officially devalue naira, report says

– 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.

At the end of the meeting, the decision would be
announced.
Currently, the official rate is N198/dollar while at
the parallel market it hovers around N337 and
N346/dollar.

The CBN governor, Godwin Emefiele, after the
meeting, however declined to explain how the
process would be effected.
He said: “Details would be published in a few
days.

“The MPC voted unanimously to adopt a flexible
exchange rate policy to restore the automatic
adjustment properties of the exchange rate.”
According to Reuters, Emefiele also added that
the central bank would “retain a small window for
funding critical transactions” stating further
that details would only be released “at the
appropriate time.”

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.

Source: Naij