The federal republic of Nigeria started 2022 with the lowest naira to dollar rate due to the adjustment of the exchange rate.

The naira was adjusted by the central bank of Nigeria (CBN) to N413.49 to $1, thereby resulting in the trading of N435 to $1. According to the report, this might signal a new wave of currency depreciation by the apex bank.

The central bank of Nigeria, in the second quarter of 2021, depreciated the naira from N379 to N410 per $1. This was done after implementing the Investors and Exporters (I&E) window rate, commonly known as the Nafex rate.


https://businesselitesafrica.com/why-nigeria-began-2022-with-the-lowest-naira-to-dollar-rate-yet/