CBN Removes Rate at the Investors and Exporters Window

The Central Bank of Nigeria (CBN) has reportedly directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters’ (I&E) Window of the foreign exchange market.

According to the chief executive officer of a commercial bank, he confirmed that banks are now allowed to trade forex on the I & E window at any rate.

This development came barely two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates.

Following the development, the naira depreciated to over N700/dollar during trading on the I&E window on Wednesday.