CBN Set To Unify Exchange Rates, Pegs Naira At 379 Per Dollar

by on August 10, 2020

The exchange rate of the naira to the dollar was officially changed by the Central Bank of Nigeria (CBN) from N361 to N379 on its website, on Saturday.

Earlier, the bank had expressed its decision to unify the exchange rates in the country as forex scarcity persisted.

It was however yet to announce if this 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.

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

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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