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The Economy & You

The Economy&You - Wole Famurewa

Some analysts have described the recent policy unveiled by the Governor of the Central Bank of Nigeria to float the Naira in foreign exchange transactions as a measure that would promote economic growth. It is the belief that this new policy will cleanse the old system whereby FOREX trading in the country was loosely regulated. With the new flexible foreign exchange policy barely a week old, the Central Bank of Nigeria has appointed 16 banks as primary dealers. The idea is for the new forex regime to markup revenue estimate by over N1.0trn. What could be the limitations or benefits of these measures?

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