CBN adopts unified exchange rate of N379/$

The Central Bank of Nigeria has formalised the exchange rate unification policy bt adopting a new exchange rate of N379/$ as against the old rate of N361/$. The change was effected on its website on Saturday.

The apex bank began the exchange rate unification in April following the scarcity of forex and the large unmet forex demands.

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.

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

Eben Joels, the senior partner, regulatory and technology, Stransact Partners,  said the gap between the various exchange rates operating in Nigeria created arbitrage opportunities for highly connected individuals.

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