The Central Bank of Nigeria (CBN) is allegedly planning to collapse the multiple exchange rate policy of the CBN moving to a single exchange rate policy. This is according to sources from the bank.
Some inside sources who want to remain anonymous disclosed that the country will merge the official rate, the rate for bureau de change (BDC) operators, the rate for importers and exporters, and some others.
A senior central bank official who does not want to be identified, said, ‘Today we allowed the rate at the importer and exporters (I&E) window to adjust in response to market developments’
The CBN official admitted that in today’s transaction, that it had adjusted the rate at the I&E window for foreign investors from N366 per dollar to N380 per dollar.
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Some economic and financial experts including global financial institutions like the International Monetary Fund (IMF) have been very critical of the multiple exchange rate system which has been operational in Nigeria. The country has been operating this system which pegged the official rate at about N305 per dollar, in a bid to control demand for dollars.
Government businesses and some selected priority companies like importers of petrol usually benefit from the supply of cheap foreign exchange. However, the CBN created an importer and exporter window in 2017 as a reaction to the economic recession in 2016, providing a market where forex can be traded at market-determined prices.
The single exchange rate has been identified as a very effective tool for resource allocation. Analysts are of the opinion that the multiple exchange rate can be subject to abuse and manipulation, possibly aiding corruption.
When it is time for election in Nigeria, Nigeria politicians will always do all it’s takes to be in that particular seat being contested for, and when they’ve finally achieved their aim; then they will be saying it is not easy, it is not easy. Nigerians please don’t be deceived. Fellow Nigerians please don’t be deceived. Our leaders know what should be done to make Nigeria better; but they failed to do it. Please!!.
When it is time for election in Nigeria, Nigeria politicians will always do all it’s takes to be in that particular seat being contested for, and when they’ve finally achieved their aim; then they will be saying it is not easy, it is not easy. Nigerians please don’t be deceived. Fellow Nigerians please don’t be deceived. Our leaders know what should be done to make Nigeria better; but they failed to do it. Please!!. The wise knows and the foolish also know he is foolish!!!.
Maybe you had an encounter with one of them??. Why so pissed?. Nigerian leaders have always been bad.. it’s no surprise but then among the bad ones lie the good ones who are not even given any chance.. Nigerian politics can never be meaningful
If by having uniform exchange rate, Nigeria and Nigerians will benefit. I go for it. I am really surprised that when dollar is falling all over the world, dollar keep on rising in Nigeria. Please I am begging people that are suppose to do things right to fear God.
Dollar is not rising. Naira is falling
I hope this move will benefit and boost Nigeria economy
Why is Our leaders so selfish at the expense of our dear Country Nigeria? Over 15 years Dstv multi Choice has conveniently been extorting the Nigerian Masses yet Our Govt did nothing about it, is it new to our Govt that other African Countries like Kenya, Mozambique, Ghana etc are operating on pay per view package ? After they’ve connive with multi Choice to embezzle enough and something’s went wrong hence suddenly they realise that Multi Choice is Extorting from Nigerians, who is fooling who Nigeria Government?
If u.s dollars are falling globally and the same currency is getting high in Nigeria that’s shows that we don’t have a good economy the so called leaders or rulers cares most about themselves and their family only they leave the masses at a peril, ordinary Nigeria are not helping neither
Your comments are correct about our leaders, however, the exchange rate is determined by the market which the govt has no control over. The issue of multiple exchange rate wasn’t a good idea and thankfully it’s now been adjusted to a single rate which will plug some holes that the privileged have been taking advantage of in the last few years.
The Naira will fall as a result of the fall in oil prices because the country (Nigeria) now earns less than 50% of what it was earning in USD about a month ago. Furthermore, it is not correct that the USD is falling globally, infact, it is getting stronger as the demand for the USD is stronger in times like this as the currency of choice to back up your reserve. An example is the case of the sterling which has dropped significantly vs USD in the last couple of weeks – so also are other currencies
We Nigerians are following the CBN’ s Single rate Policy , we Thank you our Dear CBN Governor God will Bless you in Jesus Name Amen.
This not good at all we have many problems to deal with not this one .