Nigeria introduces new Forex system

Nigeria introduced the new wholesale Dutch Auction System (DAS) of foreign exchange allocation on Monday 20 February to replace the old retail DAS in a bid to further liberalise the country's Forex system.

Deputy governor of the Central Bank of Nigeria (CBN), Obadiah Mailafia, told journalists in Lagos that the introduction of the new system was one of the "structural benchmarks" agreements, which the country reached with the IMF before the Paris Club granted the country some debt write-off la