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.