Nigerian recovery plan envisages new exchange rate regime

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The Central Bank of Nigeria

Nigeria’s federal government presented an “economic recovery plan” on March 7, calling for wide-ranging reforms of monetary and fiscal policy.

The plan frankly admits that “the gap between the official and parallel market exchange rates has widened.” The Central Bank of Nigeria (CBN), which administers the country’s exchange rate policy, has changed foreign exchange regulations several times in recent years in an effort to cope with the impact of falling oil prices. The CBN allocates forex

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