The Central Bank of Nigeria is planning to rename the Investors’ and Exporters’ (I&E) Window to the Nigerian Foreign Exchange Market (NFEM).

The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi said the decision is because the I&E Window is the only recognised market.

Shonubi said this while delivering a lecture for members of the Executive Intelligence Management Course (EIMC) 16 at the National Institute for Security Studies in Abuja.

The lecture was titled, “Diaspora Remittances and Nigeria Economic Development”

In June, the CBN abolished all foreign exchange segments and collapsed them into the I&E Window.

The window has become the sole recognised FX Window for eligible transactions.

The I&E window was established by the CBN in 2017.

The CBN Governor said, “We will rename the foreign exchange market, known as the I & E market, to the Nigerian Foreign Exchange Market, as it is the sole market we acknowledge.”

Since the naira was floated in June, the currency has depreciated to N955 per dollar at the black market while the I&E window traded at N781.34 againt the dollar.

The forex market is facing liquidity crisis the CBN admitted.

The CBN had also discontinued the Naira for dollar policy which pays N5 incentive for a single dollar remitted from the diaspora through official channels.

The incentive was aimed at attracting people to the official FX market