From Princely Onyenwe
It is true that the Central Bank of Nigeria (CBN) has confirmed changes in the foreign exchange market and cautious all dealers to adhere to the latest changes.
With this development, the CBN wishes to inform all authorized 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 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.
This was contained in a statement on Wednesday night, Angela Sere-Ejembi, Director, Financial Markets, confirmed the changes and made it open to the press.
Meanwhile, the naira closed at N664.04 per dollar at the investors and exporters (I&E) window on Wednesday.
Earlier in the day, the local currency was initially quoted between N750 and N755 per dollar before appreciating to close at N664.04 to the greenback.
The I&E foreign exchange (FX) window is the country’s official exchange rate trading platform. It is a segment for investors, exporters, and end-users, which allows for FX trades to be made at exchange rates determined based on prevailing market realities.
According to data from FMDQ OTC Securities Exchange, the local currency opened at N471.67 to the dollar, depreciating to N755 after the float, then recovering to N664.04 at the close of business.
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