Naira tumbles to N435/$1 at official market as CBN adjusts forex rate | TheCable

dismissed insinuations about naira devaluation, says Nigeria operates a managed-float exchange regime.A managed float fx regime is when exchange rates fluctuate daily, but central banks attempt to influence the rate by buying and selling currencies to maintain a specific range.

Checks by TheCable showed that the local currency, which opened trading at an indicative price of N420.67 to a dollar, dropped to N435 at the end of Friday’s trading, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.The apex bank has devalued the exchange rate multiple times since March 2020 as it strives to bridge the disparity between the official and parallel market rates.

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