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In A Move To Unify Exchange Rates CBN Devalues Naira By N6 To Dollar

As recommended by the International Monetary Fund (IMF) and World Bank, the naira devaluation has brought the local currency closer to the exchange rate unification agenda of the apex bank.

On Friday, the Central bank of Nigeria CBN devalued naira by N6 to dollar.

In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for November 30, 2020, all authorized dealers, Bureau De Change (BDC) Operators and Service Providers were advised to add N6 across all rates.

The new rates  pegged IMTOs sale of dollar to banks at N388 to dollar, higher than previous rate of N382 to dollar; banks sale of dollar to CBN at N389 to dollar, as against previous rate of N383 to dollar.

Also, CBN sale of dollar to BDCs was pegged at N390 to dollar, as against previous rate of N384 to dollar. The BDCs are directed to sale to end-users at not more than N392 to dollar, as against previous rate of N386 to dollar.

The circular signed by CBN Director, Trade & Exchange Department, O.S Nnaji, said: “Please be advised that the applicable exchange rate for the disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for the period Monday November 30 to Friday December 4, 2020 is as follows”.

The circular titled: ‘Weekly Exchange Rate For Disbursement of Proceeds of International Money Transfer Service Operators’ pegged IMTOs sale of dollar to banks at N388 to dollar; banks sale of dollar to CBN at N389 to dollar and CBN sale of dollar to BDCs at N390 to dollar. The BDCs are now expected to sale to end-users at not more than N392 to dollar and each BDC is entitled to buy $10,000 weekly”.

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