After more than a year of trying to control the Nigerian currency, the Central Bank of Nigeria (CBN) has finally hands off the Naira to allow market forces to determine the true value of the currency.
This was made known by the governor of the apex bank, Godwin Emefiele, during a press conference in Abuja, on Wednesday.
The CBN governor announced that the bank will also allow a single window trading.
He, however, said that the new policy will officially commence on Monday,June 20th, 2016. Emefiele also stated that the CBN will not regulate the market but will step in once in awhile.
He further said that the bank hasn’t lifted the ban placed on 41 items. Also, the bank will appoint dealers who will be in charge of the foreign echange trading
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