Quiet Naira Devaluation Meets World Bank Demand

By GWG Staff

Nigeria was at the weekend moving towards a single rate for the naira after the Central Bank of Nigeria, CBN adjusted the official rate of the naira to the dollar from N361 to N379 on Saturday on its website.

Governor Godwin Emefiele had in recent months given the determination of the Central Bank to achieve unification of the country’s multiple exchange rates as has been severally demanded by local and international stakeholders.

The latest move GWG reports could also be in part fulfillment of the conditions by the World Bank to draw down on the $3 billion facility recently approved for Nigeria.

The Federal Ministry of Finance expects to draw the first tranche of $1.5 billion of the facility sometime in September, but only after the conditions of unification have been met.

However, the moves towards unification, have not been officially announced but they are bound to be well received by the markets given the repeated calls for exchange rates unification.

Meanwhile, with the dollar scarcity persisting, the dollar at the weekend exchanged for N473 at the parallel market on Friday.

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