The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day.
The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy.
NIDO Russia supports any effort that leads to free floating rate of the currency, and brings the official rate closer to the usually distant parallel rates.
Dr. Godwin Ibe
Chairman, NIDO Russia
Source: Daily Trust