The Central Bank of Nigeria (CBN) on Tuesday officially devalued the naira to N410 per dollar.
The apex bank it appeared to be bowing to months of pressure by the International Monetary Fund to allow the forces of demand and supply to determine the country’s foreign exchange market.
In March, the CBN had denied devaluing the naira after the Minister of Finance, Zainab Ahmed, said the government had adopted the Nafex rate used by investors and exporters.
Less than a week ago, the bank removed the exchange rate of N379 per $1 from its website homepage.
As at Tuesday the new rate updated on the regulators website, and seen by iVOTESng showed that the exchange rate now stands at N410 per dollar.
The bank had struggled with maintaining a single foreign exchange window.
With the development, the Central bank has harmonised the official rate with the Investors’ & Exporter (NAFEX) Windows where investors and exporters trade.
But another challenge for the regulator would be the parallel market rate which currently trades at N486 per dollar.