• Contact Us
  • About Us
Sunday, June 1, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

 CBN Moves To Elimivate Multiple Exchange Rates, Gves Banks Freedom To  Trade  FX,

      ... Naira Trades At N179/$ At Parallel Market, N175 At I& E Window 

metro by metro
June 14, 2023
in Economy
0
CBN
0
SHARES
0
VIEWS

The Central Bank of Nigeria (CBN) has allowed deposit money banks banks to freely trade foreign exchange at any rate.
The development is in line with the new policy direction of President Bola Tinubu  of eliminating multiple exchange rates.
President Tinubu’, according to sources is determined to unifyI the exchange rates so as to bring confidence into the economy and reduces the high level of volatility in the FX market.

 Consequently, CBN  has directed banks to remove the cap on the investors and exporters’ (I & E) window of the foreign exchange market in a bid to float the local currency,.

The report stated that banks are now allowed to trade forex on the I & E window at any rate, subject to N1 spread.

As a result of the directive, the naira depreciated to between N700 tans  N750 to a dollar on the I&E window on Wednesday.
This development suggests that banks are now authorised to sell forex at rates determined by market forces, indicating a shift towards a free floating exchange rate system in the country.

Multiple sources within the central bank, as well as informed traders, have confirmed this development.
ALSO READ:Meet Adebisi Shonubi, Newly Appointed Acting CBN Governor
They further reveal that trades are currently being conducted at rates as high as N750/$1.

 But the parallel market has reacted negatively to the development with the exchange rate surging to as high as N773/$1 for incoming foreign currency transactions.

However,  some analysts see the development as normal, stressing that initially, Naira would depreciate at the official windov, while it will appreciate  at the parallel market,  with eventual realignment of the rates.

Read Also

Anxiety Over Naira As OPEC+ Increases Production Quota By 411,000 Bpd

Moody’s Upgrades Nigeria’s Rating To ‘B3’ On External Fiscal Positions

Subsidy,  FX Windows  Strangled Nigeria’s Future, Says Tinubu At Midterm 

Previous Post

New white paper focuses on the cross-border payments dilemma in the SADC 

Next Post

Tinubu Suspends Abdulrasheed Bawa, EFCC Boss

Related Posts

Naira
Economy

Anxiety Over Naira As OPEC+ Increases Production Quota By 411,000 Bpd

June 1, 2025
Moody’s Upgrades Nigeria’s Rating To ‘B3’ On External Fiscal Positions
Economy

Moody’s Upgrades Nigeria’s Rating To ‘B3’ On External Fiscal Positions

May 30, 2025
FG To Start Paying Debt Service As Nigerian Economy Grows By 2.99% In Q1 2024-Edun
Economy

Subsidy,  FX Windows  Strangled Nigeria’s Future, Says Tinubu At Midterm 

May 29, 2025
Nigerians Overstaying Visa Risk Serious Sanctions, US Warns, Says “No Honest Mistakes”
Economy

Oil prices Climb $1 As US Court Blocks Trump Tariffs

May 29, 2025
Next Post
Tinubu Suspends Abdulrasheed Bawa, EFCC Boss

Tinubu Suspends Abdulrasheed Bawa, EFCC Boss

Naira

Anxiety Over Naira As OPEC+ Increases Production Quota By 411,000 Bpd

June 1, 2025
OPEC

OPEC+ Oil Producers Stick To Guns With Another Big Hike For July

June 1, 2025
20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

May 31, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version