Following Emefiele’s meeting with Tinubu, CBN devalues the naira.

The Naira was previously sold through the Importers and Exporters (I&E) window for N461.6, but the Central Bank of Nigeria (CBN) has devalued it to N631 to the dollar today.

In his inaugural speech on Monday, President Bola Ahmed Tinubu stated that the top bank must work toward a country with a unified currency rate in order to promote the economy. The devaluation took place 48 hours later.

President Tinubu met with CBN Governor Godwin Emefiele on Tuesday at the Presidential Villa in Abuja to discuss the exchange rate after making the announcement.

The apex bank sold the spot rate to banks on behalf of their customers at N631 to a dollar at the start of the weekly foreign exchange bidding, and the majority of bidders received the exact amount they sought.

One of the consumers reportedly applied and had their complete request accepted at N631 as opposed to N461.6, the publication was informed by the customer. Prices on the parallel market have also been trending lower as a result of the shift.

It was also discovered that rates in Abuja and Kano decreased from N750 to a dollar in the early hours of yesterday to N745 by the evening.

In anticipation of a potential shift in exchange rate management when Tinubu assumes office on Monday, the naira declined in the parallel market to its worst level in a year.

According to Umar Salisu, a BDC operator who monitors the data in the nation’s commercial capital, the naira fell to N762 to the dollar on Friday from 775 the day before.

After being stable for most of this year, the unit has been declining significantly in the secondary market since last week.