Business Naira Forwards Rise On Announcement of Flexible Exchange Rate


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Nigerian Naira forwards rose to 6-month non- deliverable 2.2% to 275 against the US Dollar at 4.38pm yesterday in London, according to a data obtained from the Bloomberg terminal after the Central Bank's Monetary Policy Committee voted to allow “greater flexibility” with exchange rate.

The Central Bank of Nigeria on Tuesday abandoned its naira peg to the dollar in favour of a flexible currency regime, Reuters reports.

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The policy is a U-turn designed to boost local manufacturing and exports and stave off a recession.

However CBN Governor Godwin Emefiele sparked confusion by declining to say how the shift from a naira fixed at 197 to the dollar would be implemented.
 
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