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.
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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.’’