Sunday, September 20, 2020

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EXCLUSIVE: CBN unifies FX rates as FAAC shares allocation at N360/$

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Allocations to the three tiers of government in naira would increase as the federation accounts allocation committee (FAAC) had adopted the N360/$ exchange rate, TheCable can report.

This comes after the FAAC meeting ended in a deadlock on Wednesday.

The committee which disbursed revenue to the three tiers of government had previously used the official N305/$ exchange rate.

With this development, it means that the exchange rates have unified at N360.

The Central Bank of Nigeria had earlier said market fundamentals do not support devaluation of the naira to calm the market after panic in the BDC segment made the naira exchange at N410 to the dollar.

It said this in response to a panic in the market after crude oil prices dropped to $30 on the back of a price war between Saudi Arabia and Russia.

The country has operated different exchange rate since the 2016 recession with the official rate set at N305/$ and Bureau de Change rate at N360/$.

TheCable also gathered that the slash in the price of petrol could not go lower as speculated because of the anticipated change in exchange rate.

There has been no official statement from the Central Bank of Nigeria on the development.

TheCable had earlier reported on Friday that the Nigeria traded at N380/$ on the Investors and Exporters window on Friday.

This is the highest since the window was created in 2017 to ensure forex availability to businesses.

The OMO auction conducted by the CBN on Thursday did not record any sales as investors adopted a wait-and-see approach on the back of reduced oil prices and the coronavirus outbreak.

“Dear all, kindly be informed that the CBN has moved the rate of FX sales to FPIs from N366.70 to N380.20/$. We will advise as developments unfold,” a notice on the Bloomberg terminal read on Friday.

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