CBN to officially devalue naira,
report – There are reports that CBN will make an
announcement later Tuesday, May 24 on if
to devalue the naira
– Current official rate is N198 while parallel
market rate is N337
If reports by The Will are anything to go buy,
then President Muhammadu Buhari may
have given his nod for the further
devaluation of the naira.

The report says the Central Bank of Nigeria
(CBN) will be announcing a devaluation that
would put the naira at N250 to a dollar later
today.
It said the CBN was holding a monetary
policy committee (MPC) meeting in Abuja at
the time of this report.
READ ALSO: Naira trades at N340/$1 in
black market
At the end of the meeting, the decision
would be announced.
Currently, the official rate is N198 to $1
while at the parallel market it hovers around
N337 and N346 to a dollar.
NAIJ.com had earlier today reported that
despite the myriad of economic headaches
Nigeria has continued to suffer, the nation’s
currency, naira has strengthened against the
American dollar in the black market.
Our Bureau De Change source in Katsina had
told us the naira has gained strength and
trades at N337/$1 today, May 24, as against
the N340/$1 rate on Monday, May 23.
The Nigerian currency had started last week
on a disappointing note trading at N367/$1.
It however made a remarkable comeback in
the early hours of Tuesday, May 17, trading
at N348/$1 across major parts in the country
before strengthening further and staying
consistent to close the week at N340/$1.