Central Bank of Nigeria (CBN) has made an alteration (technical devaluation) in the exchange rate of the Dollar to the Naira as confirmed in a communique to all banks and Bureau De Change on Friday March 20.
Under the new dispensation, the CBN would make the dollar available to the BDCs at N378, which would be sold at N380.
The CBN directed banks and Bureau De Change to ensure that the end-user sales of the Dollar should not be more than N380/1USD. The communique was on the disbursement of the proceeds of the International Money Transfer Operator (IMTO).
CBN’s communique which backed the highest official exchange rate between the Dollar and Naira in over two years, came barely a week after the apex bank denied plan to devalue the Naira.
Before the present situation, the CBN had maintained the exchange rate at about N360 to the Dollar for more than three years.