The Central Bank of Nigeria now sells dollar at N380, which signifies about six per cent drop in the value of the Nigerian currency.
The naira up until Friday sold at N360 to the dollar, but perceptible analysts have projected that it was a matter of days before the naira would depreciate against the dollar, following the deep fall in the prices of crude oil in the international market as a result of the rampaging coronavirus pandemic.
Crude oil sales account for more than 90 per cent of Nigeria’s foreign exchange earnings which have unduly exposed the economy to the vagaries of oil prices.
In a communique to all banks and Bureaux de Change (BDC), Friday, March 20, 2020, the apex bank advised that the BDC to end-user sales of the dollar should not be more than N380/1USD.
This is up from the previous N360/1USD and is the highest official exchange rate between the dollar and naira in over two years suggesting a devaluation might be in the pipeline.
The Federal Government has already crashed pump price of petrol in reaction to the drop in crude oil prices, with the indication that from now going forward the pump price would move in tandem with crude oil prices.
The Rainbow was unable to reach CBN’s Director of Communications, Mr. Isaac Okoroafor, before press time.
However, sources within the Bank say that the management was working to ensure that any form of devaluation would be measured and non-dramatic.
