The International Monetary Fund (IMF) on Friday gave its backing to the Central Bank of Nigeria (CBN’s) exchange rate unification policy.
The policy, which collapsed all exchange rates into the Investors and Exporters (I&E) window, allows market forces to determine exchange rate.
The IMF said it stands by and supports the implementation of the policy.
The International Monetary Fund (IMF) on Friday gave its backing to the Central Bank of Nigeria (CBN’s) exchange rate unification policy.
The policy, which collapsed all exchange rates into the Investors and Exporters (I&E) window, allows market forces to determine exchange rate.
The IMF said it stands by and supports the implementation of the policy.
She said the operational changes to the foreign exchange market also include the re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
“Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window,” she said.
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