Breaking: CBN Set to Devalue Naira

There is a report making the rounds that Central Bank of Nigeria (CBN) will any moment from now announce the devaluation of the country’s currency, the naira.

From sources close to CBN, naira will now be officially exchanged for N250 to $1.

The authoritative sources familiar with the development said the CBN is presently holding a monetary policy committee (MPC) meeting in Abuja, and after, CBN Governor, Godwin Emefiele, would announce the devaluation

The official exchange rate of the naira has been N198 to $1, while the naira at parallel market goes as high as N346 to $1.

 

Details later

Author: News Editor

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