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CBN announces unification of all foreign exchange rate windows

The Central Bank of Nigeria (CBN) has announced the unification of all segments of the forex market collapsing all windows into one.

What this means now, is that the exchange rate in the Nigerian Foreign Exchange (FX) Market will now be determined by market forces.

Previously, there were different windows and a fixed exchange rate system in place. However, with the recent changes, the exchange rate will be determined through the Investors and Exporters (I&E) window, where transactions will be conducted

The apex bank made the move as part of a series of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market, a move that will improve liquidity and stability.

The apex bank announced this in a press release signed by the Director of Financial Markets, Angela Sere-Ejembi, PhD.

Prevail Inegbenose

Prevail Inegbenose is the Chief Executive Officer (CEO), Spark Media & Entertainment Ventures, the Publisher of Spark News Daily - Nigeria's most sought-after online newspaper in Government, Politics, Sport, Entertainment and Religion. Prevail Inegbenose studied Mass Communication from the prestigious Auchi Polytechnic Auchi and graduated in 2007. He is an experienced journalist with 16 years of active and practical journalism. Prevail Inegbenose is the Lead Pastor, House of God Int'l - Rest Tabernacle, Abuja - Nigeria. Tel: 08039564796.

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