Cenbank devalues Naira

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The Central Bank of Nigeria has quietly, and without a circular, devalued the Naira. According to the CBN’s website, our currency now exchanges for N199 per US Dollar.

Before now the CBN had N168 on its website and had been that way since they devalued back in November 2014. This current devaluation however comes as no surprise as the CBN has now shut down the rDAS effectively dumping it’s preferred exchange rate band thus relying on the interbank market to set rates. One wonders why no circular was released or at least a press statement confirming it this is a devaluation or if the Naira is perhaps now floating.