Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has announced the floating of the country’s official currency, Naira.
The nation’s chief banker announced this on Wednesday in Abuja at a press conference.
With the latest policy, which takes full effect on June 20, 2016, the Naira exchange rate will now be market-driven. Also, it is believed that this latest development will set the stage for devaluation of the Naira.
Emefiele explained that 10 primary dealers have been selected by the apex bank through which the Naira will be traded.
He said there will only be one exchange rate, but the CBN will intervene in the market whenever there is need for it.
“We are talking about an open, transparent two-way system,” Emefiele said, adding that, “It is intended we don’t have speculators and rent-seekers. I don’t expect that any other exchange rate will be recognized.”