Again, Dollar Knocks Naira, Devalues To N630/$1

By Sola Omoniyi, Lagos

In less than a week in the new Government of President Bola Ahmed Tinubu, dollar has rubbed naira in the mud, as it devalued it to N630 to $1.

During the immediate past government of former president Muhammadu Buhari, dollar was N461 to $1, but in less than 5 days of the new administration, naira had been rubbed in the mud as it is now N630 to $1.

This development comes just 48 hours after the newly elected president stated that he is going to unify the country’s exchange rate to stimulate the economy.

During the Inauguration speech, Mr president was heard asserting that the Central Bank of Nigeria must work towards a unified exchange rate.

He maintained that the unified exchange rate would direct funds away from arbitrage into useful investment.

However, the current exchange rate as shown by the apex bank was sold at N631 to $1.

Following this current exchange rate, the parallel exchange market trend revealed that dollars is now N750 to a dollar.