CBN introduces uniform exchange rate for naira

The Central Bank of Nigeria (CBN) has decided to collapse the multiple exchange rate policy which was used to determine the value of the Naira and move to a single exchange rate policy.

Some inside sources who want to remain anonymous have disclosed that the country will merge the official rate, the rate for bureau de change (BDC) operators, the rate for importers and exporters and some others.

A senior central bank official who do not want to be identified, said, ‘Today we allowed the rate at the importer and exporters (I&E) window to adjust in response to market developments’.

Source Nairametrics.com