CBN’s unified exchange rate rattles investors, traders

The recent unification of all exchange rates by the Central Bank of Nigeria (CBN) has put players in the Nigerian foreign exchange market on the defensive, forcing many of them, especially traders and speculators to tread with caution, Business Hallmark can report.

Many FX traders, it was learnt, were caught unaware by the sudden implementation of the policy, which collapsed all exchange rates into the Investors and Exporters (I&E) window and allows market forces to determine exchange rates.

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