BREAKING: CBN Devalues Naira To N631/$1

The naira has been devalued from N461.6 to the dollar to N631 to the dollar by the Central Bank of Nigeria.

The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy.

According to the Daily Trust, it was sold at the new rate on the Importers and Exporters window on Wednesday.

Details later...