Good Morning Nigeria : Some talk of a second fx window
​Some talk of a second fx window
We have seen the commentary in the local media about the adoption by the CBN of a second foreign exchange window. Since we can find no official endorsement, we are treating the policy as perhaps the subject of a discussion paper that has somehow entered the public domain. The idea, we understand, is that the current rate is available for priority transactions and a second, less managed rate covers all other goods and services. We assume that the CBN would regulate both windows: otherwise “speculative attacks, round tripping and frontloading activities by actors in the FX market†(the governor’s words) would be expected to prevail.
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