The newly introduced flexible exchange rate policy by the Central Bank of Nigeria, CBN, which will allow market forces to fix rate for Naira has commenced on Monday, June 20, 2016.
The new regime was introduced last Wednesday by the government and from what Aproko247 gathered, the Naira is changing in the region of 270 to a dollar at the interbank market.
The CBN, last week, disclosed that it would release the hard currencies through 10 FX Primary Dealers, where customers are expected to buy the currencies from.
Before last week, the official exchange rate was 199/$1, though it was sold in the black market for about 375/1$.
Already commercial banks have called for eligible customers to bid for the forex ahead of the commencement of the new system today.
Analysts said the new regime will open more opportunities for foreign portfolio investors, aviation’s and telecoms operators among others that were constrained by lack of forex for their transactions in the past.
