IMF supports CBN’s plan to unify foreign exchange

The Central Bank of Nigeria was assisted in consolidating its foreign exchange market by the International Monetary Fund.

According to Obasanjonews24, the CBN on Wednesday disclosed operational adjustments to the foreign exchange market.

The official Investors’ and Exporters’ Windows of the foreign exchange market should no longer have a rate cap on the naira, according to a directive from the top bank to deposit money banks.

As a result, the CBN reported on Wednesday that the incident had caused the naira’s value to decline relative to the US dollar, which traded at 588.5.

Ari Aisen, the IMF’s resident representative for Nigeria, said in a statement on Friday that the organization would keep assisting the federal government by making recommendations to lessen the negative economic effects of the implementation of forex reforms.

The decision by the authorities to implement a single, market-reflective exchange rate regime in accordance with our long-standing recommendations is warmly welcomed by the Fund. We are prepared to assist the next administration in putting FX reforms into effect.