Devalues Naira: The Nigerian currency has reportedly crashed against the dollar, both officially and on the parallel market. Sahara Reporters is reporting that this is as a result of the devaluation of the Nigerian currency following the removal of fuel subsidy. On Friday, May 13, reports say the naira now sells for N290 and N360 at the Central Bank of Nigeria (CBN) and black market respectively.
Sahara Reporters’s post reads: “FLASH: Nigeria buckles, devalues its national currency. Naira secretly devalued to N290 to a $1. Now sells at N360 in the black market.” As at the time of filing this report, our correspondent tried to reach out to the bureau de change operators for the true state of things on the black market, but they did not pick up their calls.
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