Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has made an adjustment to the price of dollar sales.
The CBN, in a communique to all banks and Bureau De Changes on Friday, directed that the BDC to end-user sales of the Dollar should not exceed N380/1USD.
Nigeria’s official exchange rate has not been as high as this in over two years, indicating that a devaluation of the naira might be in the offing.
The Central Bank of Nigeria (CBN) had on Wednesday announced plans to raise its intervention in all critical sectors of the economy by another N1 trillion. This was in response to the devastating impact of the coronavirus pandemic. The CBN said the intervention was meant to boost local manufacturing and import substitution in the economy as a way of providing succor to the people impacted by the deadly virus and also create more jobs.
*** Iyke Nwabueze