The Central Bank of Nigeria (CBN) has jettisoned the multiple exchange rates in the Nigerian foreign exchange market.
Angela Sere-Ejembi, Director, Financial Markets, confirmed the changes in a statement on Wednesday June 14, 2023, with the title, “Operational Changes To The Foreign Exchange Market”.
The apex bank said: “the Central Bank of Nigeria (CBN) wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market:
- 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 18E 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.
