The Central Bank of Nigeria has announced that it is allowing market forces to set the exchange rate, a move that experts say is designed to stabilize the local currency
Abandoning the multiple exchange rate regime would reportedly boost the money supply and help stabilize an economy plagued by inflation and unemployment.
"The multiple exchange rate regime was a major distortion to the workings of the market, such that there was no level playing field for many actors," Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at financial services firm PwC, told media.