Nigeria’s central bank rolling back forex restrictions

naira-nigeria

The Central Bank of Nigeria (CBN) will no longer impose "allocation/utilisation rules" on commercial banks when it comes to the foreign exchange (forex) market, the central bank announced today (February 20).

In a statement, the Nigerian central bank outlines a number of measures it plans to implement with immediate effect to revamp its foreign exchange programme to increase the supply of foreign exchange to the public.

"The Central Bank of Nigeria is providing direct additional funding to banks