Unification: Nigeria attracts $1.4bn inflows in June
Foreign exchange (FX) inflows into Nigeria rose from $1.14 billion in May to $1.41 billion in June following the unification policy of the Central Bank of Nigeria. The CBN in June collapsed all exchange rates into the Investors and Exporters (I&E) window, allowing market forces to determine exchange rates. According to data from the apex […]
Acting CBN Governor, Folashodun Shonubi
Foreign exchange (FX) inflows into Nigeria rose from $1.14 billion in May to $1.41 billion in June following the unification policy of the Central Bank of Nigeria.
The CBN in June collapsed all exchange rates into the Investors and Exporters (I&E) window, allowing market forces to determine exchange rates.
According to data from the apex bank, the total inflows into the Investors and Exporters (I&E) window increased for the second consecutive month as Nigeria attracted inflows of $1.41bn into its currency market in June.
It noted that the June inflows came from companies and exporters.
The exchange rate unification has seen a significant drop in the value of the Naira, trading for as high as N920/$ yesterday at the parallel market while closing at N781.34 at the I&E window.
However, experts argued that the policy would boost FX liquidity over the medium and long term.