CBN Floats Naira on I& E Forex Window
*Official, parallel market rate
The Central Bank of Nigeria (CBN) has directed banks to remove the cap on the investors and exporters’ (I & E) window of the fore market to allow for the free float of the naira exchange rate.
We reliably gathered that banks are now allowed to trade forex on the I & E window at any rate, subject to N1 spreadOwing 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 advisor
y 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.”
y 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.”
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