CBN To Release Flexible Exchange Rate Policy Today

According to reports, the Central Bank Of Nigeria will release the new flexible exchange rate policy today (Wednesday), the Acting Director, Corporate Communications of the
Central of Bank of Nigeria, Mr. Isaac Okoroafor, has said.

The CBN’ Monetary Policy Committee had on May 24 risen from its bi-monthly meeting and
announced plans to adopt greater flexibility in the management of foreign exchange.

Reports gathered that the Governor, CBN, Mr. Godwin Emefiele, would release the blueprint during a news conference scheduled to hold at the apex bank’s headquarters in Abuja by noon.

The delay in the release of the details of the policy has led to further depreciation of the naira at the parallel market. Experts and stakeholders says a flexible exchange rate policy is the right way to go for the country.