The Central Bank of Nigeria (CBN) has devalued the naira in the face of the worsening coronavirus global pandemic that has inflicted economic woes on nations across the world, particularly mono-economies such as Nigeria that depends on crude oil for economic survival.
In a communique to all banks and Bureaux de Change (BDC) yesterday, Friday, March 20, 2020, the apex bank advised that the BDC to end-user sales of the dollar should not be more than N380/1USD.
This is up from the previous N360/1USD and is the highest official exchange rate between the dollar and naira in over two years suggesting a devaluation might be in the pipeline.
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