The naira exchanged to the dollar at N504 at the parallel market on Friday, according to the Bureau de Change operators. The CBN in May adopted the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar. It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations. The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions. The CBN had also disclosed that it was increasing the amount of foreign exchange allocated to banks to meet legitimate needs.

Source: Punch July 09, 2021 23:15 UTC