There are indications that the Central Bank of Nigeria, CBN has directed banks to trade foreign exchange at any exchange rate in the Investors & Exporters window based on willing buyer, willing seller arrangements.
In response the I&E window exchange rate rose sharply to N610 per dollar, as at N12:50 pm from N471.67 yesterday night.
Though the CBN is yet to issue a statement to this effect, two banking executives however confirmed to our source; Vanguard, that it is true that the CBN has given the directive to the banks.
Impact
Meanwhile, an investment banker and the Co-founder, Comercio Partners, Nnamdi Nwizu, said the immediate impact of the directive is enhanced foreign exchange inflow into the economy and further rise in the inflation rate, as the I&E window exchange rate rises aggressively as already seen today.