Update: Nigeria Technically Devalues Currency

BEVERLY HILLS, March 20, (THEWILL) – Nigeria has technically devalued the naira at the Investors and Exporters (I&E) trading window from N366.70 to N380.20.

A source at the Central Bank of Nigeria, who asked to remain anonymous confirmed the development Friday to THEWILL.

The move is expected to sustain foreign portfolio investors’ interest in Nigeria’s financial instruments.

ALSO READ: Nigeria Won’t Devalue Naira, CBN Warns Speculators, Says Foreign Reserves Adequate

Nigeria like other countries mainly dependent on crude oil to fund expenditures have been under tremendous pressure since the price of the commodity crashed from $67pb to about $27pb.

The CBN still operates multiple exchange rate windows, the source added. The CBN’s website has N307-$1 as the official rate, while it still sells to licensed changers at somewhere around N357-$1.

This is a developing story…