The recent move by the Central Bank of Nigeria,CBN,to float the Naira in the foreign exchange market has raised mixed reactions in the country’s economic sector.
According to experts familiar with the sector,the move is similar to what the CBN did eight months ago in June 14 last year,called Naira Liberalization.
The apex bank told commercial banks that Naira should be priced and traded transparently,reiterating the “willing buyer and willing seller”policy.
The official forex did not receive the policies well initially, as the Naira nosedived to N1,500 per US dollar last Monday before easing to N1,419.86 on Monday this week.
Trendygistnaija recalls that within the last week of January,the country’s apex bank introduced several policy interventions, including Financial Markets price Transparency and FMDQ notice of FX Market Rate Pricing Medthology.
This saw the currency depreciate from N891.90 per US dollar to N1,409.86 on January 26.
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