Nigeria’s Central Bank will launch a foreign exchange interbank trading window on Monday to boost the supply of hard currency in Africa’s biggest economy, its governor said on Wednesday.
The window’s exchange rate will be purely market-driven, Godwin Emefiele told reporters. The new system would help with economic growth and restore investor confidence.
Precise guidelines will be published later on Wednesday, he said, adding that the new window would have eight to ten primary traders handling minimum volumes of $10 million, reports Reuters.
Nigeria has been suffering from foreign exchange shortages due to a slump in oil revenues which have crippled public finances and hit currency reserves.