The central bank has devalued the currency three times since March 2020, but the naira has continued to weaken. In June, Central Bank Governor Godwin Emefiele, said Nigeria's spot naira rate was overvalued by up to 10%, citing the bank's real effective exchange rate model.

Has naira been devalued?

The official rate of the naira was devalued from N305 to the dollar, to N380 to the dollar. This was in the third quarter of 2020.

Why do CBN devalue naira?

It was the need to adjust for the decrease in supply of foreign exchange that prompted the CBN to devalue the naira.