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Naira weakens to 770.38/$ at official market

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The naira slumped further to the dollar after closing at 770.38/$ at the end of trading on the investor & exporter forex window on Monday.

The banking regulator explained its new forex operation in its report on ‘Understanding the operational changes to the foreign exchange market’.

By collapsing all segments in the FX market into the I&E window, it said this meant all eligible FX transactions in the market would only be done via the I&E window, as all other windows ceased to exist. “The I&E market functions by a willing buyer, willing seller system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer,” the CBN stated.

On the concept of the willing buyer and willing seller model, it explained that the rates were mutually agreed by both parties. The CBN said PTA, BTA and other invisible transactions would continue to be accessed through the banks at the prevailing market rate.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

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