Nigeria’s central bank has abolished the country’s multiple exchange rate system and effectively floated the naira currency, the bank said, as new President Bola Ahmed Tinubu revamps the country’s monetary policies. In a statement late Wednesday, the Central Bank of Nigeria said it had ended the “segmentation” of forex markets, with transactions to be carried out only through one so-called “Investors and Exporters” category. “All segments are now collapsed into the Investors and Exporters window,” it said in a statement posted on its website. “A lot of the market distortions that were there because the central bank and the Nigerian government were trying to control the FX price, will go. A week ago, Tinubu’s government also suspended the country’s central bank chief who was later detained by domestic security services as part of an investigation into his time in office.

Source: The North Africa Journal June 15, 2023 13:18 UTC