CBN At The Weekend Pegs Naira At 379/$

Nigeria’s Central Bank Governor, Godwin Emefiele

From all indications, the economic hardship foisted on world economies by the dreaded Coronavirus (COVID-19) will now be felt by Nigerians as the Central Bank of Nigeria (CBN) on Saturday officially changed the exchange rate of the naira to the dollar on its website from N361 to N379.

Recall that the bank had earlier hinted that it would unify the exchange rates in the country as forex scarcity persisted. It was however yet to announce if this would be the official unified exchange rate. But what we can report is that at the weekend, the naira exchanged for N473 at the parallel market. It is not clear at the time of filing this report if this adjustment is the official unification of the exchange rate in the country as touted by the CBN.

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