CBN Devalues Naira, Restores Uniform Exchange Rate

CBN Devalues Naira, Restores Uniform Exchange Rate

President Buhari discusses with Central Bank of Nigeria Governor Godwin Emefiele during the 4th Presidential Task Force meeting of ECOWAS on common currency for member states (file photo: State House)

The Central Bank of Nigeria (CBN) has informed all banks and Bureau De Change in the country that it has altered the exchange rate of dollar to naira.

A communique issued on Friday, 20 March, signaled a return of a single exchange rate regime with one dollar selling for N380.

Concise News understands that the previous N360 per dollar exchange rate was adopted in 2016.

The CBN also directed banks and Bureau De Change against selling the dollar for more than the new rate of N380 to one dollar.

“Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, March 23 to Friday, March 27, 2020 is as follows – IMTSOs to banks: N376/$1; banks to CBN: N377/$1; CBN to BDCs: N378/$1; BDCs to end users: not more than N380. Volume of sale to each market is $20,000 per BDC,” a memo signed by director of CBN’s trade and exchange department, Ozoemena Nnaji, read.

“Kindly note that the GBP rate should be derived from USD cross rate on the date of the sale.”

The memo was on the disbursement of the proceeds of the International Money Transfer Operator (IMTO).

This comes after the apex bank denied plans to devalue the naira.

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