BREAKING: CBN Officially Devalues Naira, See New Exchange Rate

NewsOnline reports that the Central Bank of Nigeria (CBN) on Wednesday confirmed the changes in the exchange rate of the naira from N730 to N755 per dollar at the Investors and Exporters (I&E) window.

“The Central Bank of Nigeria (CBN) wishes to inform all authorized dealers and the general public the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market,” the apex bank said in a statement.

“▪ Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.

“▪ Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.

“▪ The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.

“Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.”