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Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), on Friday responded to the lingering question about multiple exchange rates, saying Nigeria does not operate multiple exchanges rate but has multiple foreign exchange windows.
The Nigeria’s foreign exchange windows include the investors and exporters forex window, the inter-bank window, the official, the window for Small and Medium Enterprises (SMEs), business travel allowance (BTA) and Personal travel allowance (PTA).
Emefiele said the foreign exchange has substantially converged at N360 per dollar at the NAFEX window and Bureau De Change (BDC) segment of the market.
He gave the explanation while delivering a lecture on “Up against the Tide: Nigeria’s Heterodox Monetary Policy and the Breton Woods Consensus,” at the University of Ibadan.
The Apex bank governor said the CBN’s unconventional methods (especially in the management of the FX market and our development financing) supported by the orthodox approaches (in the form of our timely adjustments of monetary policy rate) have been able to optimally balance the delicate objectives of price stability and real output growth.