The Naira dropped to N435 against the dollar at the official market on Friday, December 31, 2021.
This is coming as the Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website to N413.49/$1 — in what seems to be another devaluation this year.
The CBN had in May, devalued the local currency from N379 to N411 per dollar by adopting the (I&E) window.
The Governor of the CBN, Godwin Emefiele, had dismissed speculations about the naira getting devalued, stressing that Nigeria operates a managed-float exchange regime.
The Naira which opened trading at an indicative price of N420.67 to a dollar, fell to N435 at the close of Friday’s trading, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.
The naira fell to as low as N445.50 per dollar during the intra-day trading.
The Spokesperson of the CBN, Nwanisobi Osita, stated that market forces determine the exchange rate.
“If you see N413, then that’s what it is. The market determines the rate,” Osita said.
At the parallel market, the Naira remained at N570 to a dollar.