Nigerian currency, the naira depreciated further at the Investors & Exporters (I&E) Window against the dollar on Thursday, losing another 5.74% to close the day at N702.19 per USD.
Naira lost N38.15 on Thursday having closed at N664.04 per USD on Wednesday, according to the data on FMDQ.
Investogist reported that the Central bank on Wednesday announced operational changes to the foreign exchange market.
The changes announced by CBN includes the re-introduction of the “willing buyer, willing seller” model at the I&E window, which literally meant the floating of the naira to allow market forces determine the price.
The CBN also abolished segmentation. “All segments are now collapsed into the Investors and Exporters (l&E) window. Applications for medicals, school fees, BTAPTA, and SMEs would continue to be processed through deposit money banks,’ apex bank said.
The CBN said that the government transactions would be processed with the average rate of the previous day.
The apex bank also said that order book will be reintroduced to ensure transparency of orders and seamless execution of trades.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.