Nigeria’s central bank seeks market-determined exchange rates regime


LAGOS, March 7  – Nigeria’s central bank aims to achieve a market-determined exchange rate regime, according to an official economic plan released on Tuesday, as pressure mounts to let the naira float freely.

The government will also review and possibly remove a ban on accessing foreign exchange for 41 goods and services, said the Economic Recovery and Growth Plan 2017-2020, released by the Budget Ministry.

Nigeria also sees 2017 inflation at 15.74 percent, and at 12.42 percent next year, the plan said. Inflation in January hit 18.7 percent, its highest level in more than 11 years.


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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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