CBN hints at scrapping multiple exchange rates

Central Bank of Nigeria signaled it will allow Naira to weaken past its official rate as it gradually unwinds its regime of multiple exchange rates, data on its website shows.

CBN stopped publishing the fixed naira exchange rate on its website and it now says that the rate will be “market-determined.’’

CBN used to have an official rate as strong as 305 naira per dollar. That rate was used to ensure that some traders including, fuel importers, got cheap dollars.

 

Bloomberg

Rate this item
(0 votes)