Breaking News: Dollar Exchanges $1 to N184
In a shocking development, the exchange rate today dropped by half across board. Dollar to the Naira dropped from N360 to N184 while the Pound dropped from over N400 to N240.
There is no clear indication of why this exchange rate is reflected on internation exchange rate calculators while the Central Bank website does not reflect these new exchange rate.
This looks like a move meant to influence the on-going elections. It will be recalled that the Presidency had earlier lamented the amount of foreign currency in circulation in the country. With this drop in the exchange rate, the value of any foreign currency in circulation is automatically halved.
We shall await further developments on this issue.