Foreign exchange: CBN and the painful lesson of history – Vanguard …

By Babajide KomolafeIt was a very familiar road with a familiar destination which the Lamido Sanusi led Central Bank of Nigeria chose to embark on.SanusiAt the end of January 2013, the official exchange rate stood at N155.74 while the parallel market rate was N159 per dollar. The difference between the two rates, referred to as the parallel market premium was N3.26 or 2 per cent, well below the five per cent global benchmark.But by the end of the year, the premium had widened to 11 per cent or N17.3. Though the official exchange rate remained stable at N155.7 per dollar, the parallel exchange rate had risen by 8.8 per cent to N173 per dollar.“The Committee also expressed concern about the widening gap between the official and the BDC …

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Though, the BDCs represent a small component of the foreign exchange market, the widening spread appeared to have fed into creeping increases in core inflation�, lamented the. CBN Governor, Lamido Sanusi at the …

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Foreign exchange: CBN and the painful lesson of history – Vanguard …

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