Exchange rate unification: CBN devalues naira to 380.5 in official market

The Central Bank of Nigeria yesterday moved closer unifying the exchange rates in the official market and the Investors and Exporters window, as it devalued the naira to N380.5 per dollar in the official market.

The new official rate closely aligned with the I&E indicative exchange rate which remained stable at N386.5 per dollar at the close of business yesterday. The multiple exchange rate regimes led to the emergence of different exchange rates in the three major segments of the foreign exchange market, namely the official market, the Investors and Exporters window also known as NAFEX, and the parallel market.

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