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Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy.
The development means buyers and sellers of foreign currency in the official FX market are now allowed to quote rates they find comfortable in the FX market, as against previous practice where rates were dictated by the Central Bank of Nigeria (CBN).
The Investors & Exporters (I&E) window is now quoting a range of between N750 and N755/$, according to customers who cited emails received from their banks.
That implies a 21 percent decline in the naira compared to the previous rate of N463/$ which the Central Bank of Nigeria (CBN) is still quoting as the I&E rate on its website. However, the last time the CBN updated the rate was June 9.
Here is the full story, this is indeed big news and word on the street is that further important reforms are on the way.
The post Nigeria floats its exchange rate appeared first on Marginal REVOLUTION.
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