The Central Bank of Nigeria (CBN) yesterday moved closer unifying the exchange rates in the official market and the Investors and Exporters (I&E) window, as it devalued the naira to N380.5 per dollar in the official market.
Data from FMDQ showed an adjustment of the official exchange rate to N380.5 per dollar from N360.5 per dollar, the previous day, indicating 5.5 per cent of N20 devaluation of the naira in the official market.
The new official rate closely aligned with the I&E indicative exchange rate which remained stable at N386.5 per dollar at the close of business yesterday.
This move reduces the premium between the official rate and the I&E rate to N6.5 from N26.5 per dollar.
The multiple exchange rate regimes led to the emergence of different exchange rates in the three major segments of the foreign exchange market, namely the official market, the Investors and Exporters (I&E) window also known as NAFEX, and the parallel market.
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