CBN Eliminates Multiple Exchange Rate Window
![CBN Eliminates Multiple Exchange Rate Window CBN Eliminates Multiple Exchange Rate Window](https://the9jatrend.com/wp-content/uploads/2023/06/Screenshot_20230313-1243322.jpg)
By Simeon OSAJIE
The Central Bank of Nigeria (CBN) has eliminated multiple exchange rate windows in the foreign market.
In a statement issued and signed by Angela Sere-Ejembi, Director, Financial Markets on Wednesday (14th June, 2023) night, confirmed the changes.
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“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.