The Central Bank of Nigeria announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime.
Under this new plan, the official exchange rate of the naira will exist in a "single flexible window," which will be determined by market forces.
The CBN governor,Mr. Emefiele's press conference in Abuja announced a series of measures to manage the new forex policy; these 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.
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