• BDCs on subsidy as four different rates emerge
• Customs settles for below NAFEM rate, charges N1,164
• Naira pullback stokes fresh concern about stability
• Senate seeks proactive measures to save currency
The Central Bank of Nigeria (CBN) may have discreetly abandoned the much-commended foreign exchange (FX) rate harmonisation less than a year after the policy direction was announced by the authority, market data have suggested.
Besides the black market rate, which is independent of the CBN operation, three distinct rates, previously submerged by the convergence policy, have resurfaced – BDC, NAFEM and Customs duty rates.
At the weekend, the Nigerian Customs Service (NCS), which takes instruction from the CBN,…
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