The Central Bank of Nigeria (CBN) may have devalued the naira official exchange rate against the United States dollar. NYSC Portal

Nigerian currency has been trading at an all-time low against the dollar above N463 since the start of the second quarter of 2023 (April 1, 2023).NYSC Portal 

LEGIT.NG reports that this is completely different from the exchange rate of N461 to a dollar band recorded in recent months.

Though the apex bank is yet to confirm this in an official statement, however this move is expected amidst mounting pressures from international lenders like World Bank, and International Monetary Fund (IMF) for Nigeria to unify its exchange rate.

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According to LEGIT.NG, the country operates a multiple exchange rate which includes: JAMB Portal

Interbank Exchange Rate: This is an official exchange rate at which banks trade with each other.

Investors and Exporters (I&E) Window: This rate is used by the CBN to facilitate foreign exchange trading between investors and exporters. It allows for more flexibility in the exchange rate and is often used as an alternative to the official exchange rate.

Parallel Market Exchange Rate: Also known as the black market rate, this is the rate used in unofficial currency trading. It is often much higher than the official exchange rate and can fluctuate rapidly based on supply and demand.

Expert predicts N1000 to one dollar exchange rate as naira falls. JAMB Result

In another report, Legit.ng disclosed that experts have predicted the value of the exchange rate in 2023.

According to experts Nigerian currency will not be able to withstand the pressure for foreign currency due to low liquidity.