CBN Yields to Pressure, Agree to Adopt Flexible Forex Rate

The Central Bank of Nigeria (CBN) has been directed to adopt a flexible foreign exchange rate, to effectively respond to the demand and supply in the foreign exchange market.

The apex bank’s monetary policy committee issued the directive at its meeting in Abuja.

CBN Governor, Godwin Emefiele, who announced the decision at a news conference after the meeting said the apex bank within the next few days would release a new guideline on the management of foreign exchange in the country.

Emefiele said the time has come for CBN to adopt the policy, following continued sharp drop in the country’s foreign reserves.

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