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Wednesday, 15 June 2016

BREAKING NEWS: CBN announces new Naira/Currency policy, devalues the Naira



The Central Bank of Nigeria (CBN) has finally decided to allow the market forces to determine the true value of the local currency against other currencies across the world.

The governor of Central Bank, Godwin Emefiele, disclosed this while speaking at a press conference in Abuja on Wednesday.

He said the bank will operate on a single trading window, which will kick off on June 20, 2016, adding that the CBN will only step in from time to time regulate the market.

He added, that the bank will appoint less than a dozen primary dealers who would now be in charge of foreign exchange trading, driving flexibility in the system and also, that the 41 banned items remain banned, and cannot access forex from the new window.

Source: The cable

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