CBN Set To Unify Exchange Rates, Pegs Naira At 379 To $1

The Central Bank of Nigeria {CBN} on Saturday officially changed the exchange rate of the naira to dollar from the old exchange rate of N361 to N379 on its website. CBN Naira To Dollars N379

The CBN had announced a while back its decision to unify the exchange rates in the country trying to bridge the gap between its own exchange rate and that of the parallel market, as Forex scarcity persists. Though the Apex bank is yet to officially announce if the new N379 would be the new exchange rate.
READ ALSO: Naira Crashes To N472 To $1, As Forex Scarcity Deepens
Experts 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.

Photo Credit: Getty

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