CBN Adjusts Naira’s Official Rate To N410.22/$1

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The Central Bank of Nigeria (CBN) again weakened the naira yesterday, by adjusting the local currency ‘s official rate to N410.22 per dollar on its website from N410/$1. The apex bank had weakened the naira official rate to N410 per dollar on May 25 from the previous rate of N379/$1, as part of its efforts to unify the country’s multiple currency regime.

The move fuelled speculation that the apex bank was about to devalue the naira and put pressure on the local currency at the parallel market. For instance, the naira was on a free fall at the parallel market for most part of last week, plunging to N495/$1 last Thursday from N487 per dollar at the beginning of the week.

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