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Uche Usim, Abuja
The COVID-19 pandemic, which led to a sharp slump in crude oil prices globally, has forced the Central Bank of Nigeria (CBN) to technically devalue the Naira exchange rate on the Investors and Exporters’ (I&E) window from the N366.7 to N380.20 to a dollar.
Currently, crude oil price has crashed to less $30 per barrel.
Sources at the apex bank made the disclosure.
More so, trading data from Bloomberg read: “Dear all, kindly be informed that the CBN has moved the rate of FX sales to FPIs from N366.70 to N380.20/$. We will advise as developments unfold.”
Bloomberg terminal further showed that there was a very low appetite for the CBN open market operations (OMO) instruments offered on Friday, suggesting that foreign portfolio investors are watching to see how things pan out.
As the coronavirus spreads, stock prices have been in free fall and oil prices are plummeting too.
