As of press time, the naira exchanged for about N490/$ at the black market while the investors’ and exporters’ (I & E) window rate hovers N410/$. Still, the CBN official rate has remained N380/$.
Experts have attributed the manipulation and politicking in the foreign exchange market to the huge differential between the official and parallel markets.
The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, had also observed that the other countries were not happy with Nigeria over the multiple rates.
The plan to harmonise the market, as muted by the apex bank since last year, has stalled. The Guardian reported last year that the regulatory body was under political pressure to abandon the rate convergence plan.