CBN devalues Naira, fixes dollar sale at N392

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This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

The Central Bank of Nigeria (CBN) has devalued the Naira by N6 to Dollar.

This brings the Naira closer to the exchange rate unification policy recommended by the International Monetary Fund (IMF) and the World Bank.

In a weekly update for International Money Transfer Service Operators (IMTOs), Bureau De Change (BDC) Operators and Service Providers were instructed to add N6 across all rates.

The circular was signed by O. S. Nnaji, CBN Director, Trade & Exchange Department.

The exchange rate for the disbursement of IMTOs proceeds is effective Monday, November 30 to Friday, December 4, 2020.

The CBN pegged IMTOs sale of the American currency to banks at N388 to dollar.

Banks sale to CBN was fixed at N389 to dollar; CBN sale to BDCs will be N390 to dollar.

All BDC operators to sell to end-users at not more than N392 to dollar.

Each Bureau De Change is entitled to buy $10,000 weekly.

The apex bank further directed that the Great Britain Pound (GBP) rate should be derived from the US Dollar across rate on the date of sale.

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