The Central Bank of Nigeria, CBN, has moved the Foreign exchange sales rate to FPIs to N380/$.
This is the highest official exchange rate between the dollar and naira in over two years suggesting a devaluation is in the offing.
The Central Bank of Nigeria shared the weekly exchange rate to all banks and Bureau De Change Operators stating that the BDCs to end-users should not be more than N380/1USD.
READ ALSO: EXCLUSIVE: Banks’ Loan To Deposit Ratio To Be Increased To 70% By CBN
Banks trading at the Investor and Exporter (I&E) window bought dollars at N360/$1 from the CBN on Friday, March 20, 2020. The I&E window is the official market where forex is traded between banks, the CBN, foreign investors and businesses. The central bank typically buys or sells in the market as part of its intervention program.
Meanwhile, Following the coronavirus pandemic, the West African Examinations Council (WAEC) has announced its postponement of the West African Senior School Certificate Examination (WASSCE) for school candidates, 2020 till further notice.
In a statement by WAEC Head of National Office, Mr. Patrick Ehidiamen Areghan on Friday, he confirmed that the examination was postponed from its initial date, 6th of April 2020 because of the deadly coronavirus.
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