The Central Bank of Nigeria today announced a flexible foreign exchange regime that would be determined by market forces. Speaking at a news conference in Abuja today June 15th, the Central Bank governor, Godwin Emefiele said under the new plan, the official exchange rate of the naira will exist in a “single flexible window,” which will take off on June 20th, 2016.
The announcement end months of speculation about the official value of the Nigerian currency. A series of measures to manage the new forex policy 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. He added that the 41 banned items remain banned, and cannot access forex from the new window.