Following the new government’s plan to unify multiple exchange rates in the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) has taken the monetary policy decision of floating the Naira. In its latest press release, the apex bank declared some operational changes in the forex market. This includes the abolishment of segmentation and collapsing of all segments in the market into the Investors & Exporters (I&E) window, thus, granting commercial banks and other authorised dealers the green light to sell forex at free, market-determined rates.
June 27, 2023