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CBN Instructs Banks To Trade Forex At Any Exchange Rate

There are indications that the Central Bank of Nigeria (CBN) has instructed banks to engage in foreign exchange trading within the Investors & Exporters window, allowing for exchange rates determined by willing buyers and sellers.

As a result, the exchange rate within the I&E window has significantly increased to N610 per dollar as of 12:50 pm, compared to N471.67 from the previous night.

Although the CBN has not officially issued a statement regarding this matter, two banking executives have confirmed to Vanguard that the directive has indeed been given to the banks.

In the meantime, Nnamdi Nwizu, an investment banker and the Co-founder of Comercio Partners, has stated that the immediate consequences of this directive include a boost in foreign exchange inflow into the economy and a further rise in the inflation rate, as evidenced by the aggressive increase in the I&E window exchange rate witnessed today.

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