New FX regime ‘failing’ to bridge parallel and interbank markets gap – The Cable

dollar to naira

The new foreign exchange regime is failing to bridge the gap between parallel and interbank market rates of the naira to foreign currencies, TheCable can report.

At the introduction of the regime, the Central Bank of Nigeria had argued that the new regime would see the naira settle reasonably at 250 to the dollar.

The apex bank had enthused that “speculators would have their fingers burnt”, as the new regime would close the enormous gap between parallel market and the official market rate of the local currency.

The Cable has more details