Flexible Forex Policy Still On Trial – Emefiele

The flexible exchange rate inter-bank market policy being implemented by the Central Bank of Nigeria (CBN) is still on trial and would soon make room for more stakeholders including Bureaux de Change (BDC) operators to participate, the CBN governor, Godwin Emefiele, has said.

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CBN Governor MR Godwin Emefiele
CBN Governor MR Godwin Emefiele

Speaking during an interactive session between the BDCs and CBN on the new policy and state of the forex market on Wednesday, Emefiele said all hopes to include BDCs in the policy guidelines is not lost, while also acknowledging the impact of the policy on BDC businesses.

The broad framework and guidelines on the policy was released by the CBN on June 15 during which it restored the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market.

The apex bank said the workings of this market will be consistent with its objectives of enhancing efficiency and facilitating a liquid and transparent foreign exchange market.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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