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CBN moves towards unified naira exchange rate

The Central Bank of Nigeria signaled it will allow the naira to weaken past its official rate as it gradually unwinds its regime of multiple exchange rates, data on its website shows.The apex bank stopped publishing the fixed naira exchange rate on its website and it now says that the rate will be “market-determined.’’ The central bank used to have an official rate as strong as N305 per dollar. That rate was used to ensure that some traders including, fuel importers, got cheap dollars. Bloomberg report said the move toward a market-determined exchange rate will be welcomed by investor ...Read more

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