Impending Recession & CBN's Flexible Interest Rate Regime

The value of the Nigerian currency was today devalued to the dollar as the Central Bank of Nigeria announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime. Under the new plan, the official exchange rate of the naira will exist in a "single flexible window," which will likely be determined by market forces.The announcement end months of speculation about the official value of the Nigerian currency.

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