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Thursday 16 June 2016

MONEY MATTERS: CBN ON NEW POLICY: ANNOUNCES A NEW FOREX REGIME

Thursday, June 16, 2016 Posted by Anonymous No Comments

The CBN governor, Godwin Emefiele has announced a market-driven forex regime aimed at boosting the supply of foreign currency in the country. 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,” his statement read.

“The market shall operate as a single market structure through the interbank and autonomous window,” he said, he also added that: “The foreign exchange rate will be purely market driven.”
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