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.

Economy managers stupid

Too bad

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