The Nation Newspaper CBN crashes retail forex rate by 3.4%
yesterday undercut foreign exchange speculation and deepened its quest for stronger naira by offering to sell forex to retail end-users at a lower rate.
Previously, the spread was capped at 1.0 per cent. BDCs are expected to fund their accounts before the close of business on Thursday for the latest round of forex sales. The circular reads: “The CBN has outlined specific instructions for the BDCs to access forex, including that all eligible BDCs must make naira payments to designated CBN naira deposit accounts before the close of business on Thursday, March 28th, 2024 and confirmation of payment, along with required documentation, must be submitted for forex disbursement at designated CBN branches in Lagos, Abuja, Awka, and Kano.
“In the last few weeks, the CBN leadership has intensified efforts to restore market confidence and improve communication with investors, which has largely been positive for Nigeria’s investment case. “Precisely, the cumulative foreign inflows – Foreign Portfolio Investments and Foreign Direct Investments , since the beginning of the year are estimated at $2.1 billion, compared to $1.6 billion in 2023.
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