CBN debits banks N122bn, moves to unify exchange rates

The Central Bank of Nigeria has debited N122bn ($338m) from banks’ excess cash which caused the money market to fall by 25%, with the apex bank before weakening the currency at a retail auction, in a move to unify its multiple exchange rates.

The CBN main forex supplier, asked lenders to bid for dollars at N380 to the dollar on Friday, five per cent above its official rate to generate more local currency from its dollar inflows and further achieve naira stability.

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The naira, however, opened weaker at 387 against the dollar on the over-the-counter and It further weakened to N462 at the black market on Monday.

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