Newsbreak: CBN devalues the Naira, jumps to N631 at official rate

By Ologeh Joseph

The Nigerian currency has gone further down in value.

Irohinoodua was informed that on Wednesday night the Central Bank of Nigeria devalued the naira to N631 to the dollar.

The Naira was N461.6 to the dollar as at Wednesday morning.

Pur correspondent was informed that the new policy is a result of the meeting the CBN Governor, Mr Godwin Emefiele had with President Bola Tinubu.

“Already,we are buying at the new rare. Seems the policy started this first day of June” Mazi Chudi Odim who runs a Foreign Exchange firm told our correspondent on Thursday.

Experts said the devaluation was in line with the policy of President Tinubu To ensure a unified dollar to naira exchange rate.

The new government is expected to make available enough forex exchange to ensure the parallel market is stabilised, sources said.