Author: Chijioke Nelson

The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated. The development is signaling an end to the most criticized foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products. If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg. Yesterday, the…