The Central Bank of Nigeria (CBN) has implemented a new Foreign Exchange (FX) system with a single rate, which has been praised by the International Monetary Fund (IMF).
The Fund stated that the uniform rate was in accordance with its long-standing advice in a brief statement made by its Resident Representative, Mr. Ari Aisen, on Friday in Abuja.
However, IMF stated that it was prepared to support the government in implementing the new FX system.
In accordance with our long-standing recommendations, the Fund warmly applauds the authorities’ decision to implement a single, market-reflective exchange rate system.
“We are prepared to assist the new administration in putting FX reforms into effects.”