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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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