Business 5 Major Decisions CBN Made Today That'll Affect Naira-Dollar Exchange Rate

[LequteMan]

The Central Bank of Nigeria, CBN, on Wednesday made a huge announcement about Nigeria's foreign exchange policy.

Read: CBN Announces New FX Policy

Here are the major decisions CBN made that'll have an immediate impact on naira's exchange rate:

• The value of the naira will be determined by market forces
• Nigeria henceforth will be operating a single market. This means we will no longer have two windows (the black market will be gone)
• 41 items banned last year for for access to forex for imports remained banned
• 10 Primary dealers has been appointed to boost FX liquidity in the market
• Non-oil exporters are now allowed unfettered access to export proceeds via the interbank market.