As the coronavirus pandemic bites harder into the economy, the Central Bank of Nigeria(CBN) is making moves to boost foreign direct investment into the country by devaluing the naira against the dollars OYOGist.com has learned.
According to reports reaching OYOGist.com, information on the Bloomberg terminal has shown that the CBN has moved the FX sales rate to FPIs to N380.2/$ from N366.7/$.
A leading financial publication in Nigeria, BusinessDay reported that an analyst in Lagos confirmed that the CBN sold the dollar at N380.2 on the I&E window today, Friday, 20th of March 2020.
An analyst in Lagos confirmed to BusinessDay that CBN sold the dollar at N380.2 on the Investors and Exporters (I&E) window today, Friday.
According to BusinessDay, the official rate is still N306/$ but an announcement of the adjustment is expected to be made by Tuesday 24th of March, 2020.