Why CBN Pegs Naira at 379 To A Dollar

Godwin Emefiele CBN Governor


The Central Bank of Nigeria (CBN) has officially changed the exchange rate of the naira to the dollar from N361 to N379 on its website.

The apex bank had earlier expressed its decision to unify the exchange rates in the country as forex scarcity persisted.

It was however yet to announce if this would be the official unified exchange rate. However, the naira exchanged for N473 at the parallel market on Friday. although economics and market analyst have continued to clamour for a single exchange rate in the country. The President, 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.”

The Senior Partner, Regulatory and Technology, Stransact Partners, Eben Joels, said the gap between the various exchange rates operating in Nigeria created arbitrage opportunities for highly connected individuals.

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