IMF Backs Nigeria’s New Exchange Rate Policy
The International Monetary Fund (IMF) has thrown its weight behind the Central Bank of Nigeria’s (CBN) new exchange rate policy.
The new policy has collapsed all exchange rates into the Investors and Exporters (I&E) window, to allow market forces to determine exchange rates.
IMF Resident Representative in Nigeria, Ari Aisen in a statement said: “The Fund greatly welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations. We stand ready to support the new administration in its implementation of FX reforms.”
With the policy, all applications for medicals, school fees, Business Travel Allowance/Personal Travel Allowance, and SMEs would continue to be processed through the I&E window.
