CBN Makes Move To Unify Exchange Rate
By Emmanuel Awosika
On Saturday, the Central Bank of Nigeria revised the exchange rate of the naira to the dollar from N361 to N379 on its website.
Some have taken this as confirmation of the proposed unification of the country’s exchange rate. The apex bank had indicated in March that it would abolish the existing multiple exchange rate system in favor of a single exchange rate.
However, it remains unclear if this would be the new rate, as the CBN is yet to issue an announcement to that effect.
Key players in the financial sector have called for a unified exchange in the country. According to them, a single exchange rate policy will boost efficiency in the marketplace and eliminate widespread corruption in the sector.
President of the Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, had said, “It will ease regulatory supervision, ensure transparency and effective price discoveries, and deepen market perfections.”
