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CBN Pegs Official Rate At N360

The Central Bank of Nigeria on Saturday devalued the Naira as the official exchange rate is now at N360 per dollar.
The official rate which stood at N307 per dollar as at Friday is now pegged at N360 according to data from the CBN website.

Following the recommendation of the Presidential Economic Advisory Council led by Doyin Salami, the President approved three items for the official rate – defense purchase, petroleum products and fertilizer import. With Dangote fertilizer set to meet all domestic needs, the third one is only academic.

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Written by PH

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