The naira has appreciated by 0.68 per cent against the United States dollar on the Investor & Exporter forex window.
A professor of Economics at Babcock University and former President of the Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, earlier described the former multiple exchange rate regime as a chess pool of corruption.
He said sources of foreign exchange such as non-oil exports, remittances, and foreign direct investments needed to be expanded, in addition to taking maximum advantage of OPEC quota on crude oil exportation. He said the pressure on the official and unofficial markets could simmer down while the supply of foreign exchange picked up.
He said, “By and large, the two rates will collapse, and a new equilibrium rate of exchange achieved in the market. That is, the desired unified exchange rate.”recently reported that the CBN and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty.
The NCS raised the exchange rate used for the calculation of import duty from N422.30/dollar to N589/dollar.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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