CBN raised the rate at the Secondary Market Intervention Sales (SMIS) a window where importers access foreign currencies from N360/$1 to N380/$1 with a direction to bidders to comply appropriately.
The regulation came less than two weeks after CBN Guv Godwin Emefiele hinted that the peak bank was moving towards ending the multiple-rate regime.
As at press time, it was not clear whether the current modification would mark the start of the planned rate harmonisation. Efforts to validate this and the validity of the regulation, which is yet to be officially announced, stopped working as the CBN spokesperson, Isaac Okorafor, did not select his call or reply to text messages.
According to one of the CBN Guv’s consultants,” It is not real that we came under pressure or that it was a condition by the 2 institutions, though they have been wanting us to merge our currency exchange rate routines. “Keep in mind that in 2017, we needed a loan from them. They insisted and we informed them no and we went for Euro bond. We could still have actually gone in other places if we were not desirous of changing our rate, which is our core tactical action carried out from time to time, depending upon the financial truths.” So, we did it at this time and it simply accompanied the time we are seeking assistance from them. Please, overlook such insinuations. The adjustment here had nothing to do with IMF. After all, IMF has currently released its own funds to us. It has absolutely nothing to do with either the IMF or the World Bank or their assistance.”