The Central Bank of Nigeria (CBN) has technically devalued the naira exchange rate on the Investors and Exporters’ (I&E) window from the N366.7 to a dollar it closed on Thursday, to N380.20 to a dollar.

A source at the CBN  confirmed it on Friday.

Trading data from Bloomberg terminal showed that there was very low appetite for the CBN open market operations (OMO) instruments offered Thursday, suggesting that foreign portfolio investors have since adopted a wait-and-see approach to the raging COVID-19 pandemic.

“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,” traders were advised on the Bloomberg terminal.

More details later….