CBN Devalues Naira, Modifies Forex Rate.
The Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website to N413.49/$1 — in what seems to be another devaluation this new year. In May, the apex devalued the naira from N379 to N411 per dollar by adopting the…
Doubt In Nigeria’s Forex Market To Blame For Drop-In Remittance.
The uncertainty that thrives in Nigeria’s foreign exchange market is partly to blame for the massive fall in the cross-border remittances that flow into the country, an official of the International Monetary Fund (IMF) said. According to Punch, a local…