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Nigeria reduces naira to a single exchange rate | Business and Economic News
By Emele Onu and Tope AlakeBloomberg
The Nigerian central bank is down 7.6% against the dollar, as Africa’s largest oil-producing authorities target its single currency exchange rate system.
The Abuja headquarters in Abuja, Nigeria, replaced the fixed rate of 379 naira instead of the dollar used for official transactions with a more flexible nafex, also known as the investor and exporter exchange rate, averaging 410.25 naira per dollar this year. data on its website on Tuesday.
“We knew we were no longer calling for an official CBN rate for transactions,” Governor Godwin Emefiele told reporters at a monetary policy meeting on Tuesday. “We are still managing to float, we are controlling the market and we are watching what is happening to us to ensure that the right things are happening for the good of the Nigerian economy.”
Nigeria’s central bank devalued the naira by 7.6% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency.
The Abuja-based Central Bank of Nigeria replaced the fixed rate of 379 naira to a dollar used for official transactions with the more flexible nafex, also known as the investors and exporters exchange rate, that has averaged 410.25 naira per dollar this year, according to data on its website on Tuesday.
“We found out that we were no longer dealing in this so-called CBN official rate for transactions,” Governor Godwin Emefiele told reporters during the monetary policy briefing earlier on Tuesday. “We are still running a managed-float, we are monitoring the market and seeing what is happening for us to ensure that the right things are happening for the good of the Nigerian economy.”