CBN Adjusts Exchange Rate For The 7th Time Since February

Nigeria’s central bank weakened its exchange rate peg slightly to N197 against the dollar on Monday from 196.50 it set last week, information on its website reveals.

According to Reuters, Traders said the regulator sent a message announcing the adjustment which is the seventh since the bank introduced tight currency controls in February.

The CBN assumes an official rate for the Naira but typically devalues or adjust the rate upwards from time to time as it strives to defend the Naira. Many still believe, the Naira is over priced and should be devalued to fall in line with market reality. However, the CBN has remained defiant and insists it will not devalue.