CBN says it has only adjusted Naira price, not devalue it

March 22, 2020
72 Views

<!– Naira currency: CBN effects devaluation but says it is price adjustment –>

Naira currency: CBN effects devaluation but says it is price adjustment

The Central Bank of Nigeria has reacted to news it has devalued the Naira by as much as 15 percent, moving it from the official price of N307 to N360 and also adjusting the import and export window price from N360 to N380.

In a tweet on Saturday night, the bank deployed semantic obfuscation to describe its action, quoting Governor Godwin Emefiele as saying the devaluation “is an adjustment of price”.

The bank had taken commercial banks by surprise on Friday when it sold dollars at N360, instead of N307.

Later same day, the bank reflected its ‘new adjusted price’ on its website.

P.M.News reported on Friday that the bank made the adjustment cum devaluation to harmonise its multiple exchange rates and also because of the reality of the oil market, which gives Nigeria 90 per cent of its FX earnings.

(Please also read: CBN devalues Naira

As at Friday, oil sold for $27.50 per barrel as against the budget benchmark of $57.

Forex Reserve has also gone southwards to $35.9 billion.

<!–

after_article responsive

(adsbygoogle = window.adsbygoogle || []).push({});

–>

You may be interested

Ten things you should know about Prophet TB Joshua
News
3 views
News
3 views

Ten things you should know about Prophet TB Joshua

Webby - June 6, 2021

The Synagogue Church Of All Nations (SCOAN) has issued the statement below to confirm the death of its founder, the…

BREAKING: Synagogue Church issues Statement confirming TB Joshua’s Death
News
12 views
News
12 views

BREAKING: Synagogue Church issues Statement confirming TB Joshua’s Death

Webby - June 6, 2021

Advertisement The Synagogue Church of All Nations(SCOAN) has confirmed the death of its founder and general overseer, Prophet Temitope Joshua…

Bandits on the rampage again, kill 93 in Kebbi, Kaduna
News
News

Bandits on the rampage again, kill 93 in Kebbi, Kaduna

Webby - June 6, 2021

The Police Command in Kebbi State on Saturday confirmed that bandits killed 88 people in Danko/Wasagu Local Government Area of…

Leave a Comment

Your email address will not be published.