News
JUST IN: CBN Grants Banks Freedom To Trade Forex At Any Rate
![](https://citymirrornews.com/wp-content/uploads/2018/10/cbn-1.jpg)
There are indications that the Central Bank of Nigeria, CBN has directed banks to trade foreign exchange at any exchange rate in the Investors & Exporters window based on willing buy, willing seller arrangements.
In response the I&E window exchange rate rose sharply to N610 per dollar, as at N12:50 pm from N471.67 yesterday night.
Though the CBN is yet to issue a statement to this effect, two banking executives however confirmed to Vanguard that it is true that the CBN has given the directive to the banks.
Impact
Meanwhile, an investment banker and the Co-founder, Comercio Partners, Nnamdi Nwizu, said the immediate impact of the directive is enhanced foreign exchange inflow into the economy and further rise in the inflation rate, as the I&E window exchange rate rises aggressively as already seen today.
-
News3 days ago
Osun Communal crisis: Slain NSCDC operative Buried Amid Tears [Photos]
-
News4 days ago
Kings Worshipping Idols Are Herbalists-Oluwo
-
News4 days ago
FIDA Calls For Prosecution Of Medical Doctor Accused Of Raping Teenage Admission-seeker In Osun
-
News3 days ago
NSCDC Officer Killed, Palace Burnt, Others Injured As Communal Clash Erupts In Osun Communities