The Central Bank has technically devalued the naira to exchange to the dollar at N380.
The apex bank took this decision after all interventions in the market, such as imposing sanctions on errant operators and use of moral suasion to curb illegal forex operations did not sustain the exchange rate of 360 naira.
In a circular to the operators in the sector, the CBN merged the rates at both the Bureau De Change rate and Import & Export window at N380.
Under the new dispensation, the CBN would make the dollar available to the BDCs at 378 naira, which would be sold at 380 naira.
The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the merger of the different rates became necessary to build confidence in the sector.
He said this would make it impossible for those dealing in illegal operations and speculators to be profitable.
Gwadabe said it was an unacceptable situation for operators to access the dollar below N360 and be selling at between 370 naira and 375 naira.
“There is a circular on it; we are to be buying at N378 and sell at N380,” he said.
He said the rise in the exchange rate was not due to genuine demand because people were not really travelling or importing goods.
“The situation cannot remain like this; things will improve. If coronavirus goes, we will get over it,” he said.