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Wednesday

23 June 2021

Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications – Economics Bitcoin News

Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications – Economics Bitcoin News


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The House’s warning follows the CBN’s recent decision to devalue naira from an exchange rate of 393 to the current one of just under 411 nairas for every dollar.

At the time of writing, the naira sell rate on the black market was 502 to the dollar.

For instance, Nigeria’s previous official exchange of 393 naira to one dollar was “used as a basis for budget preparation.” On the other hand, the Nigerian Autonomous Foreign Exchange Rate Fixing Methodology (NAFEX) is a closely controlled exchange rate for investors and exporters?

Following the devaluation of the naira, the official exchange rate and the NAFEX are now both pegged at just under 411 to the dollar.

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