IMF staff raise concerns over Nigeria’s FX regime
Authorities insist restrictions are temporary
Staff at the International Monetary Fund have called for more flexibility in Nigeria's exchange rate regime, warning the restrictions are "weighing on economic activity".
In response to pressure in the foreign exchange market, the Central Bank of Nigeria imposed restrictions on commercial banks' FX trading throughout 2015. They also closed the official FX auction window and introduced other restrictions on access.
This has led to a situation where the central bank provides foreign exchange to
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