... November 11, 2020. Some of them charge their fees in dollars and should expect their profits to be higher when they translate their bank account to naira. The PayTV said then that from August 1, 2020… Follow us on Facebook and Twitter and send us stories on contact@africareinvented.com. The N2.054 trillion disbursed in Q3 2020 was 9.6 percent lower … US Dollar) has Lost Value in One Week Follow us The apex bank had earlier moved the official rate to N360 to dollar from N307 to dollar. The apex bank on Friday sold dollars to deposit money banks at the rate of N380 to one dollar signaling the official return of a single exchange rate regime in the country’s foreign … On Friday 20 March 2020, the CBN technically readjusted the FX sales rate of the Naira to N380.20/$1.00 from N366.70/$1.00 at the importers and exporters window (which is in effect a devaluation of the naira). A quick check on the CBN website as at Friday, November 20, showed that the official exchange rate still remained at N379 to dollar. CBN devalues naira by N6 in move to unify exchange rates – The Central Bank of Nigeria (CBN) on Friday devalued the naira by N6 to dollar.The naira devaluation has brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank. Instagram: @bellanaijaonline, Your email address will not be published. They mostly charge dollars and come year-end most of their tenants will renew. AFDB To Provide Dangote Industries $300mn Corporate Loan, Non-Oil Sector in Nigeria – Finance, IT, Agriculture – Takes Q3 2020 GDP. In August the CBN reopened forex trade to Bureau de Change operators after a halt in March to evaluate the COVID-19 lockdown. Some Real Estate companies with luxury apartments in high brow areas of the country will also reap immensely from this devaluation. All the … READ ALSO: CBN flays those using Parallel market to push for Naira devaluation The front line labour leader described currency devaluation in a … End users get N392/$1 as per the instructions from the CBN. A large and rapid devaluation may scare off international investors. Defending the naira cost more than $3.3bn in the second half of 2019. Nigeria Naira Devaluation Likely Soon on Oil Price Slump By . On November 25, 2020 7:53 am In Money Market by Nwafor. tweet; Naira against dollar. The Central Bank of Nigeria may have devalued the naira by as much as 15 percent with the introduction of a single exchange rate. JPMorgan Projects 10% Naira Devaluation by Q2, 2020 Analysts from global investment bank JPMorgan on Wednesday predicted that the Central Bank of Nigeria (CBN) would devalue the Nigerian Naira by 10 percent from the current N366.5 to a US dollar to N400 by June 2020 if oil price remained below $40 a barrel. Confirmed Cases of the Coronavirus up to 26 | Here’s an Update on All that’s Happening, These Women Are Representing Nigeria in Water Sports at the 2020 Olympics, Living & Celebrating the African Dream! 5 Care Tips for People Currently Experiencing COVID, According to Zainab Balogun, Zainab Balogun is Letting Us in on Her COVID-19 Experience & How She Survived. Share. The proposed devaluation of the Naira came into force on Friday. Twitter: @bellanaija The exchange rate at the parallel market according to AbokiFX this Monday morning is N490/1. 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