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JUST IN: CBN technically devalues Naira in I&E window

At the backdrop of the ravaging impact of the Coronavirus (COVID-19) global economic fallouts 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. The local currency traded 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.

Sources at the apex bank admitted there was an adjustment in the I&E window to reflect the developments in the economy since the COVID-19 pandemic.

Sources disclosed that there’s an adjustment in I & E window of the market to reflect developments foisted on the market by the COVID-19 crisis.’’

 

Details later…

 
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