CBN lifts restrictions, Naira depreciates to N664.04 per dollar
Naira has once again lost its value and has depreciated to N 664.04 per dollar.
This rate is in the official market for exchange rate.
The exchange rate in the Investors and Exporters, I&E window rose from N471.67 per dollar to N664.04 per dollar.
This happened on Tuesday after the Central Bank of Nigeria (CBN) lifted the restrictions they had earlier put. They announced some measures to liberalise the market. These measures include freedom for banks to buy and sell foreign exchange at any rate based on a willing buyer and willing seller arrangement and also the elimination of multiple exchange rates.
The Director of Financial markets, Dr. Angela Sere-Ejembi announced these new measures which have been put in place. This was in a statement which was titled, “Operational Changes to the Foreign Exchange Market”.
The statement read that CBN wishes to inform the general public as well as authorized dealers about the changes that were made to the operations in the Nigerian Foreign Exchange (FX) Market.
They revealed that all segmentation has been abolished and collapsed into the Investors and Exporters (I&E) window.
It also read that Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
It also reads that the operational rate for all government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
https://www.vanguardngr.com/2023/06/naira-depreciates-to-n664-04-as-cbn-lifts-restrictions/amp/
Naira has once again lost its value and has depreciated to N 664.04 per dollar.
This rate is in the official market for exchange rate.
The exchange rate in the Investors and Exporters, I&E window rose from N471.67 per dollar to N664.04 per dollar.
This happened on Tuesday after the Central Bank of Nigeria (CBN) lifted the restrictions they had earlier put. They announced some measures to liberalise the market. These measures include freedom for banks to buy and sell foreign exchange at any rate based on a willing buyer and willing seller arrangement and also the elimination of multiple exchange rates.
The Director of Financial markets, Dr. Angela Sere-Ejembi announced these new measures which have been put in place. This was in a statement which was titled, “Operational Changes to the Foreign Exchange Market”.
The statement read that CBN wishes to inform the general public as well as authorized dealers about the changes that were made to the operations in the Nigerian Foreign Exchange (FX) Market.
They revealed that all segmentation has been abolished and collapsed into the Investors and Exporters (I&E) window.
It also read that Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
It also reads that the operational rate for all government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
https://www.vanguardngr.com/2023/06/naira-depreciates-to-n664-04-as-cbn-lifts-restrictions/amp/