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After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

Technology Manias – EᐯEᖇYTᕼIᑎG YOᑌ ᑎEEᗪ IᑎᗪEEᗪ

Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped from $381 to the dollar to the current rate of 411:USD1. Devaluation vs Depreciation As previously reported by Bitcoin.com News, the CBN had initially allowed the naira’s exchange rate to drop to 419.5 per U.S.…

The post After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’ appeared first on Technology Manias.

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