BREAKING: CBN finally abolishes multiple exchange rate window

The Central Bank of Nigeria (CBN) has confirmed changes in the foreign exchange market.

In a statement on Wednesday night, Angela Sere-Ejembi,  Director, Financial Markets, confirmed the changes

“The Central Bank of Nigeria (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.

Details later…