Friday, March 24, 2023
  • Home
  • Connecting with Vanessa
  • Entertainment
  • Fashion & Beauty
    • Celebrity Style Crush
  • Lifestyle
  • News & Politics
    • International News
  • Relationship Beliefs
    • Connecting with Vanessa
    • Heartthrob
  • Religious Beliefs
  • HOME
  • NEWS
    • News
    • crime
    • Education
    • Health
    • International News
    • Naija News
    • Odd News
    • Politics
    • Sports
  • FASHION
    • Accessories
    • Beauty
    • Celebrity Style Crush
    • Foreign fashion
  • RELATIONSHIPS
    • Connecting with Vanessa
    • Hookups
    • Love & Marriage Tips
  • LIFESTYLE
    • Career Talks
    • Fitness
    • Food & Wine
    • Tourism
    • Weddings
  • RELIGIOUS BELIEFS
  • BUSINESS
  • EVENTS
No Result
View All Result
VON DIGEST
  • HOME
  • NEWS
    • News
    • crime
    • Education
    • Health
    • International News
    • Naija News
    • Odd News
    • Politics
    • Sports
  • FASHION
    • Accessories
    • Beauty
    • Celebrity Style Crush
    • Foreign fashion
  • RELATIONSHIPS
    • Connecting with Vanessa
    • Hookups
    • Love & Marriage Tips
  • LIFESTYLE
    • Career Talks
    • Fitness
    • Food & Wine
    • Tourism
    • Weddings
  • RELIGIOUS BELIEFS
  • BUSINESS
  • EVENTS
No Result
View All Result
VON DIGEST
No Result
View All Result
Home Business

CBN Devalues Naira To 392 To A Dollar

Vanessa by Vanessa
November 28, 2020
in Business
0
CBN Devalues Naira To 392 To A Dollar
15
SHARES
86
VIEWS
FacebookSTwitterLinkedinWhatsAppTelegram

CBN Devalues Naira To 392 To A Dollar

The Central Bank of Nigeria (CBN) has directed bureau de change operators in the country not to sell dollars higher than N392 to end users.
In a circular signed by O.S. Nnaji, director of trade and exchange at the CBN, and dated November 30, 2020, the apex bank said the volume of sales for each market is $10,000 per bureau de change (BDC).
“Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30 to Friday, December 14, 2020, is as follows: International money transfer service operators (IMTSOs) to banks – N388/$1; Banks to CBN – N399/$1; CBN to BDCs – N390/$1; BDCs to end-users not more than N392/$1,” it read.
At the close of trading on Friday, figures from the financial market dealers exchange over the counter (FMDQ) NAFEX, an official market where the exchange rate is traded, also show that the exchange rate between the naira and dollar has depreciated to N390/$1 — lowest level since the introduction of the import & export (I&E) window in 2017.
This is about N4 higher than the N386 per dollar which the apex bank had sold dollars to the BDC operators
In the parallel market, the naira hit record lows, falling by 2.2 percent to N495.00/$1 as lack of access to forex at the official windows has funneled demand to the parallel market.
This also followed recent comments by Godwin Emefiele, governor of the CBN, saying that the parallel market makes up only 5 percent of the overall FX market, patronised by people who go there for cash to offer bribe and corruption, noting that it should not be used to determine the naira’s true value.
The apex bank sells $10,000 twice weekly to BDCs and has sold over $1 billion since September 7 when it resumed intervention following a break occasioned by the COVID-19 pandemic.
Nigeria’s FX reserves further declined by $40.05 million week-on-week to $35.45 billion, as the outflows for the CBN’s interventions across the various FX windows continue to outstrip dollar inflows.
Year-to-Date, the naira is down by 6.6 percent and 26.9 percent at the I&E window and in the parallel market, respectively.

You might also like

Wema Bank organises financial literacy programme for students to mark 2023 Global Financial literacy Day

FirstBank Announces Call For Application In The Third Edition Of Its Firstbank Management Associate Programme (Fmap)

More Naira notes as banks get old notes deposited with CBN today

Related

Tags: #CBN#NaiaDevaluation#Naira
Vanessa

Vanessa

I'm a journalist and relationship columnist. Nigeria Media Merit (NMMA) 1st Runner Up Award Recipient. I'm passionate about arts, entertainment,marriage, religion and politics. I love giving back to society.

Related Posts

Wema Bank organises financial literacy programme for students to mark 2023 Global Financial literacy Day
Business

Wema Bank organises financial literacy programme for students to mark 2023 Global Financial literacy Day

by Vanessa
March 24, 2023
Having a FirstBank Salary Account Can Ease Your Money Problems, Find Out How…
Business

FirstBank Announces Call For Application In The Third Edition Of Its Firstbank Management Associate Programme (Fmap)

by Vanessa
March 22, 2023
More Naira notes as banks get old notes deposited with CBN today
Business

More Naira notes as banks get old notes deposited with CBN today

by Vanessa
March 22, 2023
Tax Administrators Must Match The Pace Of Global Technological Advancements — CATA President
Business

Tax Administrators Must Match The Pace Of Global Technological Advancements — CATA President

by Vanessa
March 20, 2023
FIRS Signs MoU with UK’s HM Revenue and Customs For Collaboration On Capacity Building
Business

FIRS Signs MoU with UK’s HM Revenue and Customs For Collaboration On Capacity Building

by Vanessa
March 17, 2023
Next Post
Zabarmari Massacre: Borno Governor Leads Horrified Kinsmen To bury 43 Farmers Killed by Boko Haram

Zabarmari Massacre: Borno Governor Leads Horrified Kinsmen To bury 43 Farmers Killed by Boko Haram

Sponsored

Get Started

Read News in:

  • Beauty
  • Business
  • Career Talks
  • Celebrity Style Crush
  • crime
  • Education
  • Entertainment
  • Events
  • Fashion
  • Fitness
  • Food & Wine
  • Foreign fashion
  • Health
  • International News
  • Lifestyle
  • Love & Marriage Tips
  • Naija News
  • News
  • Odd News
  • Politics
  • Relationship Beliefs
  • Religious Beliefs
  • Sports
  • Tourism
  • Uncategorized
  • Weddings

Follow Us

Tweets by vondigest
Von Digest

VON Digest is a cross border news and magazine website for trending news, beauty and fashion, lifestyle and relationships talks..

Learn more

Categories

  • Beauty
  • Business
  • Career Talks
  • Celebrity Style Crush
  • crime
  • Education
  • Entertainment
  • Events
  • Fashion
  • Fitness
  • Food & Wine
  • Foreign fashion
  • Health
  • International News
  • Lifestyle
  • Love & Marriage Tips
  • Naija News
  • News
  • Odd News
  • Politics
  • Relationship Beliefs
  • Religious Beliefs
  • Sports
  • Tourism
  • Uncategorized
  • Weddings

About This Site

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use

Recommended

Primate Ayodele’s Fulfilled Prophecies On US Midterm Election Confirms His Global Status
News

Primate Ayodele’s Prophecy On Water Shortage, Mystery Disease, UK, US Economic Crisis Fulfilled

March 24, 2023
Wema Bank organises financial literacy programme for students to mark 2023 Global Financial literacy Day
Business

Wema Bank organises financial literacy programme for students to mark 2023 Global Financial literacy Day

March 24, 2023
Lagos Assembly Passes Bill On DNA, Forensic Centre
News

Ramadan: Let’s Imbibe Lessons In Piety, Tolerance, Speaker Obasa Tells Muslims

March 23, 2023
Having a FirstBank Salary Account Can Ease Your Money Problems, Find Out How…
Business

FirstBank Announces Call For Application In The Third Edition Of Its Firstbank Management Associate Programme (Fmap)

March 22, 2023

© 2020 VON Digest - All Rights Reserved

No Result
View All Result
  • Home
  • Connecting with Vanessa
  • Entertainment
  • Fashion & Beauty
    • Celebrity Style Crush
  • Lifestyle
  • News & Politics
    • International News
  • Relationship Beliefs
    • Connecting with Vanessa
    • Heartthrob
  • Religious Beliefs

© 2020 VON Digest - All Rights Reserved