As the impact of the Coronavirus (COVID-19) continue to ravage the global economic, the Central Bank of Nigeria, CBN has technically devalued the Naira at the Investors and Exporters (I&E) window of the nation’s foreign exchange market.
It was learnt that local currency now trades at N380/$1 average across the various markets.
The I&E window is a special foreign exchange space created by the CBN in the wake of the economic recession in 2016 to make room for a free flow of the forex resources and drive up economic activities across all sectors.
An official of the apex bank who spoke with Vanguard anonymously admitted there was an adjustment in the I&E window to reflect the developments in the economy since the COVID-19 pandemic.
He stated: ‘‘We allowed the Naira to mirror developments in the market-determined I&E window. All I’m saying is that there’s an adjustment in I & E window of the market to reflect developments foisted on the market by the COVID-19 crisis.’’ (Vanguard)
