Market sentiment rises on CBN forex guidelines rollout

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“I just prayed that the policy does not blow up in their hands,” she mentioned.

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He said, “Monetary policy needs thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.” So, President Tinubu’s promise of a unified forex rate regime elicited excitement in the country’s financial market, as the naira strengthened against the dollar at the parallel market and the I & E window, by 0.91 per cent and 0.002 per cent to close at $/N763 and $/N464.50, respectively.

It read, “The Central Bank of Nigeria wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange Market: Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.

 

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Central Bank Announces Changes To Forex Market, Abolishes Multiple Exchange Rates | Sahara ReportersThe Central Bank of Nigeria (CBN) has confirmed changes in the foreign exchange market. In a statement on Wednesday night, Angela Sere-Ejembi, Director, Financial Markets, announced the changes and abolishment of segmentation. “The Central Bank of Nigeria (CBN) wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market: Abolishment of segmentation.
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