Home Business CBN May Announce Flexible Exchange Rate Guidelines This Week

CBN May Announce Flexible Exchange Rate Guidelines This Week

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By Akin Akinremi
The Central Bank of Nigeria (CBN) may announce its flexible exchange rate policy guidelines this week, amidst speculations by some financial experts and analysts that the apex regulatory bank is still in a dilemma on how to go about the forex policy guidelines..
This emerged from a report in Bloomberg on Monday. According to the report from the international news media, experts, analysts and investors had been waiting to hear from the apex bank since the CBN made the pronouncement three weeks ago that it was going to adopt a new flexible exchange rate policy,
The report may have raised hopes as nothing has been heard since the CBN made the announcement. Some bankers who attended a meeting last week with the CBN Governor, Godwin Emefiele. said the guidelines might be out this week.
According to Bloomberg report: “CBN is ready to unveil a new foreign exchange policy soon”. But despite this, conflicting reports have been trailing the policy with some analysts saying it may be a free float of the Naira while some contend that the apex bank may go back to WDAS where its official window is kept open for select transactions and the rest of the market is limited to interbank market.
Meanwhile, banks are insisting anything short of a market driven exchange rate policy is bound to hurt the nation’s currency more.
They reportedly told CBN to clear the backlog of dollar demands currently waiting to be filled from the official window before coming up with a new guideline.
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