Central Bank Announce Single Market Rate

Nigeria’s Central Bank governor, Mr Godwin Emefiele has today stated that foreign exchange controls put in place by the apex bank including a restriction placed on importation of certain items, has yielded positive developments.

Mr Emefiele made the remark as the commencement of a press conference to announce a change in the bank’s foreign exchange policy which has been criticised by many local and international observers.

The CBN governor stated that the demand for foreign exchange has risen, noting that the country was heavily dependent on the importation of consumer goods.

(Here are the 41 things banned by the way: https://t.co/ZiDgTLZq6t) #CBNPressConference

— Oyokuyi (@Gidimeister) June 15, 2016

"Exchange rate will be purely market driven." #CBNPressConference

— Oyokuyi (@Gidimeister) June 15, 2016

Takeaway from Emefiele's #NigeriaFX speech: "The foreign exchange rate will be purely market driven"

— Stephanie Findlay (@SJFindlay) June 15, 2016

"To improve dynamics of the market we will introduce primary dealers registered by CBN to deal directly w/bank," Emefiele says #NigeriaFX

— Stephanie Findlay (@SJFindlay) June 15, 2016

Emefiele says his goal is to make Nigeria's FX market as "transparent, liquid and efficient as possible" #NigeriaFX

— Stephanie Findlay (@SJFindlay) June 15, 2016

"I do not expect that any other rate will be recognized in the market," Emiefele says about new #NigeriaFX

— Stephanie Findlay (@SJFindlay) June 15, 2016

With today’s announcement, the existing order of an official Naira/Dollar exchange rate of N197 to $1 while the dollar goes for up to N320 at the parallel market, is expected to come to an end. A single rate is expected to apply to all currency traders from next Monday.