• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Official: CBN says N360/$1 not devaluation but “adjustment of price”

Research Team by Research Team
March 21, 2020
in Currencies, Markets, Spotlight
Banks' stakeholders express 4 main concerns bothering the sector right now, CBN, MARKET UPDATE: CBN’s historic agriculture lending; Is it yielding the desired results? 

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).

Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s central bank officially commented on the widely perceived devaluation of the naira from N307/$1 to N360/$1 at the official window. The CBN on its twitter handle said the currency was not a devaluation but an “adjustment of price.

“Governor, Godwin Emefiele clarifies supposed devaluation of Naira. Says it is an adjustment of price and not a devaluation of the currency.”

#FOREX #CBN Governor, Godwin Emefiele clarifies supposed devaluation of Naira. Says it is an adjustment of price and not a devaluation of the currency

— Central Bank of Nigeria (@cenbank) March 21, 2020

RelatedStories

Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025

Nairametrics reported earlier today that the Central Bank of Nigeria had devalued its official exchange rate from N307/$1 to N360/$1. The apex bank has now reflected this change on its website signaling a confirmation. The bank is yet to issue a press release to this effect.

The CBN has now officially devalued by 15% moving from N307/$1 to N360/$1. Depreciation at the “market-determined” I&E window is 5% having moved from N360/$1 to N380/$1. Nairametrics also got hold of a letter from the CBN to banks informing them of the new exchange rate for dollars flowing from the International Money Transfer Operators (IMTOs). According to the CBN, IMTOs will sell to banks at N376/$1 while banks will sell to the CBN at N377/$1. The CBN will sell to BDC’s at N378/$1 while the BDC’s will sell to end-users at “no more than” N380/$1.

Reactions: Initial reactions to the CBN’s tweet drew some condemnation from some twitter users.

Call it whatever name. It needs to happen and it has happened.

— Victor Adegite (@VAdegite) March 21, 2020

Devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket.

CBN did this

— Kehinde Oyelade (@KehindeOyelade2) March 21, 2020

This is totally unnecessary @cenbank . Why play with words/semantics?

The reality remains the same

— The OBIdient Seeker (@The_Seeker76) March 21, 2020

READ MORE: CBN announces initial policy response to COVID-19

Most analysts believe the central bank under Godwin Emefiele hates to use the term devaluation whenever there is an adjustment in the currency. In June 2016, Godwin Emefiele announced Nigeria was moving to a “flexible exchange rate” policy a move that increased speculation and worsened the currency situation. Similarly, in 2017 the CBN introduced the Investor and Exporter window allowing the exchange rate to trade at between N360/$1 and N366/$1 while it retained N305/$1 as its official rate. It also created other exchange rate windows.


Follow us for Breaking News and Market Intelligence.
Tags: CBNCBN PoliciesCentral Bank of Nigeria ratesdevaluationExchange RateGodwin EmefieleNaira DevaluationNigerian Business News
Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

Related Posts

Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023
Financial Services

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index
Financial Services

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025
CBN, forex
Bank Recapitalization

CBN says forbearance-affected banks under close supervision 

June 18, 2025
Bank customers with CBN rise to 57 million in April 2023
Business News

EFCC arraigns Emefiele over ‘753 Housing Unit’ as ex-CBN governor gets N2 billion bail 

June 16, 2025
Bank customers with CBN rise to 57 million in April 2023
Business News

Emefiele earned N350 million annually as CBN governor, court document reveals 

June 16, 2025
CBN, forex
Financial Services

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
Next Post
CBN, Bankers committee back N3.5 trillion stimulus package for Nigeria

CBN, Bankers committee back N3.5 trillion stimulus package for Nigeria

Comments 4

  1. Oluolub says:
    March 22, 2020 at 7:06 am

    The president of nigeria was reported to have said having gotten a second term he can now be brutal. I can see now. Naira is receiving the brutality. APC government will continue to make the poor poorer. Very sad. Devaluation, price adjustment are same. Godwin stop deceiving us.

    Reply
    • 9jaRealist says:
      March 22, 2020 at 5:42 pm

      Brutal? The Naira should be trading at over N400 (per as much as N500+) to the Dollar, based on market fundamentals alone. It’s time we quit subsidizing consumption and capital flight, and let the Naira find its real value. Perhaps when it is not so relatively ‘cheap’ to import everything and pay for foreign education and healthcare, we might just pay greater attention to domestic production and infrastructure.

      Reply
  2. Ayodele says:
    March 22, 2020 at 3:53 pm

    The man, Godwin should remember that Nigerians are illiterates. If you say it is adjustment. Why is not to make the Naira stronger. Why must it be weaker. In as much you make the Naira weaker, it is devaluation. The fact remains that the poor masses are not being considered in making your policies. God can not be deceived.

    Reply
  3. Vera says:
    March 25, 2020 at 5:06 am

    All this English you are speaking makes naira to have no value again, it’s very bad. Please what ever you people are doing remember the poor masses, people are struggling please, call and massage you remove vats, withdraw money from the bank you remove percentage, oh Nigeria God please help us the masses. Please you should make things right and easy for us

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • How to apply for the Federal Ministry of Education’s TVET program with N45,000 monthly stipend 
  • SEC warns Nigerians against unregistered trading platform CMTrading 
  • The digital dilemma of Nominal Identity: Why your name alone is not enough

Follow us on social media:

Recent News

FG announces N45,000 monthly stipend for technical college students nationwide 

How to apply for the Federal Ministry of Education’s TVET program with N45,000 monthly stipend 

June 21, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics