The Central Bank of Nigeria, on Tuesday, announced that it will release a new Foreign Exchange (FOREX) guideline on Wednesday, June 15.
The bank made the announcement on Tuesday, through its Twitter account.
The CBN had tweeted:
#CBN set to release new Guidelines on flexibility in the Foreign Exchange Market structure on Wednesday, June 15, 2016
— Central Bank Nigeria (@cenbank) June 14, 2016
The apex bank’s monetary policy committee (MPC) had in its meeting in May, recommended that the bank should use a more flexible exchange rate system.
The CBN had afterwards said that it would open up the exchange rate so as to allow more foreign exchange to flow.
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