CBN Unveils N360 to one dollar as Official exchange rate


The Central Bank of Nigeria (CBN) yesterday approved an exchange rate of N360 to the United States dollar in line with its liberalisation policy for the retail segment unveiled five weeks ago. 

During the period, the apex bank committed nearly $2 billion in the foreign exchange sub-sector through the interbank for invisible items and the 30 to 60 days forwards market for the real sector.

CBN Unveils N360 to one dollar as Official exchange rate

Following the announcement yesterday, the apex bank offered $85 million to banks at the rate of N357/$ to commence the new policy and $100 million to boost liquidity for players in the manufacturing sector.

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However, there is the fear in certain quarters that the CBN which is merely flooding the market with forex to shore-up the naira is doing little or nothing to affect the fundamentals. Production remains low as manufacturers do not seem the primary targets in the ongoing interventions.

In fact, the current move is not any different from past efforts whereby the apex bank channeled huge sums of forex through bureaux the change to defend the local currency.


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