The regulator bank a few months back adjusted the local currency to exchange for N361 – $1 following the crash in the price of crude, the country’s main source of foreign exchange.
THEWILL also recalls that the International Monetary Fund (IMF) and World Bank have been pressing the country to scrap its multiple exchange rate and embrace a unified rate.
The adjustment of the official exchange rate was in line with CBN’s earlier commitment to the monetary fund where the regulator promised to unify the exchange rate as part of the conditions for accessing $3.4 billion IMF loan in May under the Rapid Financing Instrument (RFI).
The new official exchange rate now displayed on the CBN website is closer to the N381/$ being traded on the secondary market intervention sales (SMIS) window, the where local and international traders bid and sell foreign exchange.
The naira at the open market (parallel market) exchange for N475 – $1 on Saturday.