• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Saturday, July 26, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Economy

Again, CBN devalues naira, fixes new exchange rate to dollar

by NewsNet Nigeria
4 years ago
in Economy
Again, CBN devalues naira, fixes new exchange rate to dollar
Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

The Central Bank of Nigeria (CBN) has fixed a new exchange rate for Naira to the dollar.

Newsone reports that the Central Bank of Nigeria (CBN) has devalued the naira by 7.6% against the dollar in what has been seen as a move to migrate toward a single exchange-rate system for the local currency.

It was gathered that the CBN replaced the fixed rate of 379 naira to a dollar used for official transactions with the Nafex or the I&E exchange rate of 410.25 naira per dollar, according to data on its website on Tuesday, May 25, 2021.

Newsone reports that the unification of the two rates will improve Nigeria’s currency-management system and help meet the conditions of the International Monetary Fund and investors for transparency.

Before now, Nigeria had adopted multiple exchange rate regime to avoid an outright devaluation of the naira.

Meanwhile, the Nafex, which acts as a spot rate, was introduced in 2017 to improve dollar liquidity and encourage inflows from foreign investors that were exiting the country following the 2016 economic crisis.

Previous Post

Delta: Women protest endless killings, arrest in Evwreni

Next Post

Suicide bomber blown to pieces in Ebonyi

MORE NEWS

Agbateyiniro Redefines Local Governance with Road, Bridge, Education, Health Projects in Warri South
Economy

Agbateyiniro Redefines Local Governance with Road, Bridge, Education, Health Projects in Warri South

July 26, 2025
Oyibode Showcases Achievements in Udu as NUJ Launches One-Year Stewardship Assessment of Delta Council Chairmen
Economy

Oyibode Showcases Achievements in Udu as NUJ Launches One-Year Stewardship Assessment of Delta Council Chairmen

July 26, 2025
You cannot remain overseas and still be on the payroll – Oborevwori to Delta civil servants
Economy

Delta Govt to Construct Flyovers at Agbor, Ughelli in N230bn Infrastructure Drive

July 23, 2025
Delta State IRS Records Over N104 Billion in 2025 Half-Year IGR, Eyes Surpassing Annual Target
Economy

Delta State IRS Records Over N104 Billion in 2025 Half-Year IGR, Eyes Surpassing Annual Target

July 21, 2025
Next Post
Suicide bomber blown to pieces in Ebonyi

Suicide bomber blown to pieces in Ebonyi

Leave Comment

RECENT STORIES

Fresh Tragedy Hits AAUA as Another Student is Murdered by Boyfriend, Sparks Protest

Fresh Tragedy Hits AAUA as Another Student is Murdered by Boyfriend, Sparks Protest

July 26, 2025
Agbateyiniro Redefines Local Governance with Road, Bridge, Education, Health Projects in Warri South

Agbateyiniro Redefines Local Governance with Road, Bridge, Education, Health Projects in Warri South

July 26, 2025
Oyibode Showcases Achievements in Udu as NUJ Launches One-Year Stewardship Assessment of Delta Council Chairmen

Oyibode Showcases Achievements in Udu as NUJ Launches One-Year Stewardship Assessment of Delta Council Chairmen

July 26, 2025
Okowa’s Top Aide, Hilary Ibegbulem, Mourns Father’s Passing

Okowa’s Top Aide, Hilary Ibegbulem, Mourns Father’s Passing

July 26, 2025
Sports University of Nigeria, Idumuje-Ugboko: “A National Vision Made Manifest,” Says Senator Ned Nwoko as 2025/2026 Admissions Begin

Sports University of Nigeria, Idumuje-Ugboko: “A National Vision Made Manifest,” Says Senator Ned Nwoko as 2025/2026 Admissions Begin

July 26, 2025

TRENDING STORIES

  • Solidarity Walk for Tinubu, Omo-Agege a Huge Success – Erhire Counters Oharisi’s Boycott Claims

    Solidarity Walk for Tinubu, Omo-Agege a Huge Success – Erhire Counters Oharisi’s Boycott Claims

    0 shares
    Share 0 Tweet 0
  • Omo-Agege Rejected in Ughelli North as One Million-Man March Flops — Oharisi

    0 shares
    Share 0 Tweet 0
  • Ogboru Defects to ADC in Surprise Political Move, Sparks Realignment Talks in Delta

    0 shares
    Share 0 Tweet 0
  • Dafinone: Creation of Ethiope State Will Correct Historical Injustice, Empower Urhobo Nation

    0 shares
    Share 0 Tweet 0
  • Warri Urhobo APC Members Hold Unity Meeting, Adopt 8-Man Leadership Council

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.