BREAKING : CBN downgrades the value of the naira to N631 per $1

 The Nigerian Central Bank depreciated the naira from N461.6 to N631 per US dollar.

48 hours after President Bola Ahmed Tinubu declared the Federal Government's intentions to harmonize the country's exchange rate in an effort to boost the economy, the depreciation took place.

The Daily Trust reports that on Wednesday, it was sold at the new price on the Importers and Exporters window.

Details to follow