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CBN restores uniformed exchange rate

CBN restores uniformed exchange rate

In a move which experts say is pointed towards naira devaluation, the CBN on Friday moved the Foreign Exchange sales rate to Foreign Portfolio Investors (FPIs) to N380.2 per dollar, from N366.7 per dollar.

The apex bank Director, Trade and Exchange department, Ozoemena Nnaji, through a circular stated that this  is part of efforts by the bank to establish a uniform rate between the official and the parallel market rates for bureau de change operators.

The value of Naira has been determined by multiple exchange rate since June 2016.

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