Check out the new rate of Dollar to Naira, as CBN devalues Naira again

Check out the new rate of Dollar to Naira, as CBN devalues Naira again

The Central Bank of Nigeria, had made adjustment in the value of naira to the exchange rate of dollar to N381, as among measures to enhance the nation’s multiple exchange rates, and ensure stability in the exchange rate across the country.

However, the Central Bank of Nigeria has not made its position known officially, but from the data gotten on the website of FMDQ OTC Securities Exchange, on the CBN official rate showed a 5.54 percent increase from N360/$ to N381/$.

FMDQ Securities, which is registered by the Securities and Exchange Commission, was installed as a platform for the registration, listing, quotation, trading and reporting of securities and financial products, in the country.

However, the new appended rate, seems to be in line with the CBN bank’s efforts, to harmonise the exchange rate of the Naira to Dollar.

This news will not be palatable to the citizens of the country.

The new exchange rate, will further increase the rate of suffering among Nigerians, already complaining of hike, in the prices of virtually all food stuffs in the country.

Now, that most countries in the World, are doing everything possible to cushion the effects of COVID-19 on its citizens, but the Nigerian government, is not easing the burden of the people.


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