April 20, 2024

CBN Eliminates Multiple Exchange Rate Window

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By Simeon OSAJIE

The Central Bank of Nigeria (CBN) has eliminated multiple exchange rate windows in the foreign market.

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In a statement issued and signed by Angela Sere-Ejembi,  Director, Financial Markets on Wednesday (14th June, 2023) night, confirmed the changes.

“The Central Bank of Nigeria (CBN) wishes to inform all authorized dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange (FX) Market: Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) 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/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window,” Sere-Ejembi said.

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