The Central Bank of Nigeria (CBN) has devalued the naira to N631 against the dollar.
The development is a downward devaluation of the Naira which was previous pegged at N461.6 against the Dollar.
According to the Daily Trust, the Naira was sold at the new rate on the Importers and Exporters window on Wednesday.
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The devaluation came 48 hours after President Bola Ahmed Tinubu announced plans of the Federal Government to unify the country’s exchange rate to stimulate the economy.
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The prices dropped from N750 to a dollar in the early hours of Wednesday to N745 by evening in Abuja and Kano respectively.
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