What this means now, is that the exchange rate in the Nigerian Foreign Exchange (FX) Market will now be determined by market forces.
Previously, there were different windows and a fixed exchange rate system in place. However, with the recent changes, the exchange rate will be determined through the Investors and Exporters (I&E) window, where transactions will be conducted
The apex bank made the move as part of a series of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market, a move that will improve liquidity and stability.
The apex bank announced this in a press release signed by the Director of Financial Markets, Angela Sere-Ejembi, PhD.
