CBN announces a new forex regime

The Central Bank of Nigeria (CBN) has announced a market-driven forex regime aimed at boosting the supply of foreign currency in the country.
The announcement was made on Wednesday by the CBN governor, Godwin Emefiele. The new policy would take effect as from June 20.
“We now believe that the time is right to restore the automatic adjustment mechanisms of foreign exchange rate with the reintroduction of the flexible interbank exchange rate market,” said Emefiele, in a statement.