The Central Bank of Nigeria today announced a flexible foreign exchange
regime that would be determined by market forces. Speaking at a news
conference in Abuja today June 15th, the Central Bank governor, Godwin
Emefiele said under the new plan, the official exchange rate of the
naira will exist in a “single flexible window,” which will take off on
June 20th.
The announcement end months of speculation about the
official value of the Nigerian currency.
A series of measures to manage the new forex policy includes the
introduction of Forex Primary Dealers, a Futures Market to enable end
users to lock down rates and 12 other measures to ensure transparency
and stability of the new market. He added that the 41 banned items
remain banned, and cannot access forex from the new window.
