As the new foreign exchange policy of the Central bank became effective
this morning, the Naira was quoted at 253 against the U.S. dollar at the
Interbank market. CBN last week said it would scrap its fixed exchange
system which has seen the currency pegged at 197 to the U.S. dollar for
the past 16 months. Market forces will ultimately determine the foreign
exchange rate now.
Blogger, Japheth Omojuwa, gave some insight into the new Foreign exchange policy.
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