The Naira has dipped further against major foreign currencies despite efforts by the Central Bank of Nigeria (CBN) in boosting its value.
The currency on Friday exchanged for N485 against the dollar, thereby losing value by N1 from the previous exchange rate of May 20, which closed at N484/$1.
The British pound exchanged for N685, a loss of about N5 from the exchange rate of May 20, which was N680; the Euro exchanged for N587, losing N2 from the exchange rate of May 20, which was N585.
CBN had, on May 15, removed the official exchange rate of N379/$ from its website.
This was followed with a report the next day that the apex bank had devalued the naira and officially adopted the Investors and Exporters Window exchange rate of N401/$.
On the day the new exchange rate made the news, naira exchanged for N484/$ at the parallel market Prior to adopting that I$E window exchange rate, CBN had intervened in the FX situation in March by announcing an incentive for Diaspora remittances.
In the scheme that was scheduled to terminate in May, but further extended, CBN announced a reward of N5 for every $1 sent by Nigerians abroad to relations back home.
