By Okeowo Babajide
In a bid to unify the exchange rates in Nigeria, The Central Bank of Nigeria (CBN) has devalued the naira by N6 to a dollar.
In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for November 30, 2020, all authorized dealers, Bureau De Change (BDC) Operators and Service Providers were advised to add N6 across all rates.
This was contained in a circular titled: ‘Weekly Exchange Rate For Disbursement of Proceeds of International Money Transfer Service Operators’ signed by CBN Director, Trade & Exchange Department, O.S Nnaji,
IMTOs sale of dollar to banks was pegged at N388 to a dollar; banks sale of dollar to CBN at N389 to a dollar and CBN sale of dollar to BDCs at N390 to a dollar. The BDCs are now expected to sell to end-users at not more than N392 to a dollar and each BDC is entitled to buy $10,000 weekly.
“Please be advised that the applicable exchange rate for the disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for the period Monday, November 30 to Friday, December 4, 2020, is as follows;
IMTOs sale of dollar to banks is pegged at N388 to a dollar; banks sale of dollar to CBN at N389 to a dollar and CBN sale of dollar to BDCs at N390 to a dollar” the circular stated.
The CBN circular also directed that the Great Britain Pounds (GBP) rate should be derived from the US Dollar across rate on the date of sale.
The last adjustment of the naira exchange rate was on August 27, 2020. A quick check on the CBN website as of Friday, November 20, showed that the official exchange rate remained at N379 to a dollar.
The apex bank had earlier moved the official rate to N360 to the dollar from N307 to dollar.
Recall that the International Monetary Fund (IMF) and World Bank have urged the apex bank to unify the exchange rate in the country.