The Central Bank of Nigeria (CBN) has directed banks to remove the cap on the investors and exporters’ (I & E) window of the forex market to allow for the free float of the naira exchange rate.
THISDAY reliably gathered that banks are now allowed to trade forex on the I & E window at any rate, subject to N1 spread.
Owing to this development, the naira depreciated to around N700 to N750 to a dollar on the I&E window on Wednesday.
An influential member of the President Bola Ahmed Tinubu’s advisory board, Mr. Wale Edun, on Monday, said the country would unify its exchange rates “imminently”.
“I would say it would have to be done within a quarter as rather than within a year,” he said. “ I think you’re talking, think quarters rather than years, that’s where I would put it.”
More details later
Thisday
