In the context of the devastating impact of the global economic consequences of Coronavirus (COVID-19) on the Central Bank of Nigeria, CBN has technically devalued Naira in the Investors and Exporters (I&E) window of the country’s foreign exchange market.
The local currency was traded at an average of N380 / $ 1 in the various markets. The I&E window is a special exchange space created by CBN after the 2016 economic recession to make room for a free flow of foreign exchange resources and to boost economic activities in all sectors.
A senior bank official who spoke anonymously admitted that there was an adjustment in the R&A window to reflect developments in the economy since the COVID-19 pandemic.
He stated: ‘We allow Naira to reflect developments in the market-determined I&A window. All I am saying is that there is an adjustment in the market’s I&A window to reflect the developments launched on the market by the COVID-19 crisis.