CBN to unify exchange rates, pegs naira at 379/$

0
CBN to unify exchange rates, pegs naira at 379/$

By FN Editor on 10/08/2020

Share on facebook

Yahoo mail icon Gmail icon

Views: 75

The Central Bank of Nigeria on Saturday officially changed the exchange rate of the naira to the dollar from N361 to N379 on its website.

The apex bank had earlier expressed its decision to unify the exchange rates in the country as forex scarcity persisted.

It was however yet to announce if this would be the official unified exchange rate.

Meanwhile, the naira exchanged for N473 at the parallel market on Friday.

Experts have continued to clamour for a single exchange rate in the country.

 

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, had said, “It will ease regulatory supervision, ensure transparency and effective price discoveries, and deepen market perfections.”

The Senior Partner, Regulatory and Technology, Stransact Partners, Eben Joels, said the gap between the various exchange rates operating in Nigeria created arbitrage opportunities for highly connected individuals.

 

 

Posted on August, 10 2020

Share on facebook

Yahoo mail icon Gmail icon


You may also like…



No $25bn contract awarded in NNPC–Presidency





Ebonyi: Apologize to Umahi, PDP Chieftain tells former…





Ejelonu’s fiance certified Ebola free, discharged





Igbo leader calls Arewa ultimatum “childish”





Eight million out-of-school children in 10 Nigerian states…





Abia judiciary relocates court over herdsmen attack





Aisha Buhari not conversant with SIP – Maryam…





Lagos Schools resumes October 8 – Fashola





COVID-19: WHO Nigeria appreciates front-line health workers





How comedian, Bovi escaped death last night





Otti is yet to recover from his serial…





Senate hearing of CJN is evidence of leadership…

Get real time updates directly on you device, subscribe now.

You might also like

Leave A Reply

Your email address will not be published.