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CBN plans to unify exchange rates at 379 Naira/Dollar

The Central Bank of Nigeria on Saturday officially changed the exchange rate of the naira to the dollar on its website from N361 to N379.

Following the persistent forex scarcity, the apex bank had expressed its decision to unify the exchange rates in the country.

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However, CBN had not yet announced if the new rate of N379 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.

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

The Senior Partner, Regulatory and Technology, Stransact Partners, Eben Joels, said the gap between the various exchange rates operating in Nigeria created arbitrage opportunities for highly connected individuals.

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