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Forex: CBN throws Naira into open market, nullifies N197/$ exchange rate

Vanguard ON MAY 25, 2016

The Central Bank of Nigeria, CBN, yesterday, announced a flexible exchange rate regime aimed at making foreign currencies more accessible. With this action, the CBN has nullified the official exchange rate regime of N197/dollar……

Briefing the media after the MPC meeting, Emefiele explained that “the MPC voted unanimously to adopt a flexible exchange rate policy to restore the automatic adjustment properties of the exchange rate,” adding that it voted also to “retain a small window for funding critical transactions” and that “details of operations of the market would be released by the Central Bank at the appropriate time.”
Read more at: http://www.vanguardngr.com/2016/05/forex-cbn-throws-naira-into-open-market/

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