CENTRAL Bank of Nigeria (CBN) on Wednesday announced a flexible
foreign exchange regime which will in effect replace the existing dual exchange
rate regime.
The CBN Governor, Mr. Godwin Emefiele in a statement
stated that under the under the new scheme, the official exchange rate of the
naira will exist in a single flexible
window which will obviously be determined
by market forces as against the old regime
determined arbitrarily development end
months of speculation about the official
value of the Nigerian currency adding that commercial banks will retain some
amounts of foreign currencies for transactions. Full speech will follow
shortly.
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