Economy News

CBN Returns to Uniform Exchange Rate Regime

The Central Bank of Nigeria (CBN) may have returned to a single exchange rate regime in the country’s foreign exchange market.

It was gathered that the apex bank on Friday sold dollars to deposit money banks at the rate of N380 to one dollar.

An official circular by the Director, Trade and Exchange department of the CBN, Ozoemena Nnaji, said the development is part of efforts by the apex bank to establish a uniform rate between the official and the parallel market rates for bureau de change operators.

The circular was on the disbursement of the proceeds of the International Money Transfer Operator (IMTO).

With the new rate, the CBN has effectively collapsed the multiple exchange rate policy used in determining the value of the Naira since June 2016.

The country will now have a single exchange rate for official transactions and bureau de change operators as well as for importers and exporters of goods and services, amongst others.

This is the highest official exchange rate between the dollar and naira in the last two years.

Henceforth, dollars sold to banks will be at the rate of N376 per dollar, while banks to CBN will be at N377 per dollar.

Also, the rate by CBN to Bureau de change operators will be N378 per dollar, while BDCs to end-users should not be more than N380 per dollar. and the volume of sales for each market is $20, 000 per BDC.

Follow us on Social Media



Have news, opinion article or advert for us?

Call: +234 7082725452


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: