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Nigerian central bank governor suggests naira has been devalued

Section: Daily Dispatches

By Anthony Osae-Brown and Tope Alake
Bloomberg News
Saturday, February 27, 2021

Nigeria's central bank governor suggested the nation’s currency has been devalued.

Addressing bankers at a summit on the economy in Lagos on Friday, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. That’s 7.6% weaker than the rate of 379 published on the central bank’s website.

... Dispatch continues below ...



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"To adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$," Emefiele said in Nigeria's commercial hub.

The central bank's spokesman could not be reached when contacted to clarify the governor's statement. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-02-27/nigerian-central-bank...

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