KenyaCoin ☑️May 25, 2021

Nigeria Devalues Naira on Migration to Single Exchange Rate

https://www.bloomberg.com/news/articles/2021-05-25/nigeria-devalues-naira-on-migration-to-single-exchange-rate

"[CBN] replaced the fixed rate of 379 naira to a dollar used for official transactions with the more flexible nafex [~410/$]."

"The fragmented foreign-exchange market had been a cause of confusion and a source of arbitrage.”

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Dollar to Naira Black Market Rate: ₦486.00
https://www.ngnrates.com/market/exchange-rates/us-dollar-to-naira/black-market

#Bitcoin  #Nigeria #CentralBank #CBN #NGN #Naira #USDNGN #BlackMarket #ExchangeRate #ForeignCurrency #Nafex

Nigeria Devalues Naira on Migration to Single Exchange Rate

Nigeria’s central bank devalued the naira by 7.6% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency.