The Central Bank of Nigeria has devalued the naira at one of its currency auctions, according to a latest report on Bloomberg said in its late The weakening comes after Governor Godwin Emefiele announced last month that the bank plans to unify its multiple exchange rates to improve the transparency of its currency-management system. Report has it that, at an auction for importers on Friday, the CBN asked that bids for foreign exchange be made at N380 per United States dollar compared with N360 previously. The bank previously devalued the…
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Nigeria Naira In Shambles As Price Of Crude Oil Falls Below Zero
The U.S. dollar goes high against the Nigerian naira in non-deliverable forwards markets on Tuesday 21 April 2020. This is coming after a historic oil price rout which pushed U.S. crude futures below zero, that is, in the negative on Monday. One-year dollar/naira non-deliverable forwards stood at 498.5 points, up from Mondayβs close of 492.4, Refinitiv data showed. Hence, the Nigerian naira fell to a new low of 420 per dollar on the black market on Tuesday. This being the result of the historic oil price rout. The currency has…
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