CBN Restores Uniform Exchange Rate of N380/USD, Devalues Naira

The Central Bank of Nigeria has made an alteration in exchange rate of dollar to Naira as confirmed in a communique to all banks and Bureau De Change on Friday March 20.

The apex bank on Friday sold dollars to deposit money banks at the rate of N380 to one dollar signaling the official return of a single exchange rate regime in the country’s foreign exchange market.

The CBN directed banks and Bureau De Change to ensure that the end-user sales of the Dollar should not be more than N380/1USD. The communique was on the disbursement of the proceeds of the International Money Transfer Operator (IMTO).

CBN’s communique which backed the highest official exchange rate between the dollar and naira in over two years, came barely a week after the apex bank denied plan to devalue the Naira.

Here is it below;

Tags: cbn

Recent Posts

Eyebrows raised as Davido’s cousin Nikos Adeleke celebrates 30th birthday

Nike Aeleke, cousin of popular Nigerian singer Davido, recently celebrated her 30th birthday in Lagos Following the celebration, videos surfaced… Read More

2 hours ago

“I’ve dated 7 Nigerian celebrities” – Bobrisky reveals, vows to reveal them

Bobrisky, has stirred up reactions with a new video in which he claims to have dated multiple celebrities and insists… Read More

2 hours ago

Actress Eve Esin reacts to rumours of Yul Edochie, Ken Erics, others being gay

Eve Esin has shared her thoughts on the recent allegations involving some of her peers, including Yul Edochie and Ken… Read More

3 hours ago

Corper Raye tenders public apology to Lagosians

Raye, has made a public apology to the citizens of Lagos and those affected by her viral video, where she… Read More

3 hours ago

Agba Jalingo, Reveals How the Father of Viral NYSC Member Who Called Out Tinubu Died Protesting Government Demolition

Fresh details have emerged about the heartbreaking story of Ushie Rita Uguamaye, the NYSC member who went viral for calling… Read More

3 hours ago

Actor Chief Imo’s Wife celebrates wife as she graduates from nursing school despite his friends advise

Chief Imo, the Nollywood actor Longinus Anokwuite, has announced the graduation of his wife, Blessing, to the excitement of their… Read More

4 hours ago

This website uses cookies.