Just In: CBN devalues naira to N631/$1

The Central Bank of Nigeria has devalued the naira to N631 to the dollar from N461.6.

The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy.

According to the Daily Trust, it was sold at the new rate on the Importers and Exporters window on Wednesday.

Details later