On Friday, Nigerian currency, naira fell to an all-time low of N1,099.05 per dollar at the official Investor and Exporter forex window, All Nigeria Latest News reports.
Naira began trading at N844.10/$ before closing at N1099.05/$.
This marks a 30.36 per cent decline from its closing rate of N843.07 per dollar on Friday, according to data from the FMDQ Securities Exchange. It is the lowest closing rate for the naira since the Central Bank of Nigeria adopted the I&E window as the official trading channel for the currency.
In June, the CBN declared, “The Central Bank of Nigeria wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange Market: Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters 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/DlR/ClR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.”