The local currency, naira strengthened against dollar on the Investors & Exporters’ (I&E) window, yesterday, closing at N410.75/$1 compared with N411.63 per dollar on Tuesday, according to FMDQ.
Data obtained from abokifx.com also shows that at N484/$1, naira maintained its stability against the dollar on the parallel market. The local currency’s decline to N411.67 per dollar on the I&E window last Friday, coupled with the Central Bank of Nigeria’s (CBN)’s removal of the N379 per dollar exchange rate on the home page of its website on the same day, had sparked speculation that the regulator was set to unify the country’s multiple exchange rates around the I&E window rate, thus implying another devaluation of naira.
CBN Governor, Mr. Godwin Emefiele, said last year that the apex bank would pursue exchange rate unification around the I&E window rate. The International Monetary Fund (IMF) and the World Bank have consistently called on Nigeria to scrap its multiple currency regime in order to attract investment. There are indications that the World Bank won’t approve Nigeria’s request for a $1.5 billion budget support loan unless the country ends its multiple currency regime.