The Federation Account Allocation Committee (FAAC) adopted N436.38/$ as exchange rate for the calculation of the forex component of federally corrected revenues for June, correspondents gathered.
This was based on the advice of the Central Bank of Nigeria (CBN). The CBN is yet to explain why it opted for N436.38/$ but using N436.38/$ instead of N765/$ led to a shortfall of over N200 billion.
The apex bank, complying with the federal government’s directive, had announced the unification of all segments of the forex exchange (FX) market, signalling the end of its control of the foreign exchange market. Since then, the exchange rate of the local currency has been determined by market forces.
