Nigeria To Unify Multiple Exchange Rate

by on June 18, 2020

Nigeria’s Finance Minister, Mrs. Zainab Ahmed revealed in a document that Nigeria will unify it’s multiple exchange rates in a bid to generate more revenue from dollar inflows and stabilise FX.

Mrs. Ahmed said in the document that Oil firms under Government instruction will be directed to sell dollars directly to the CBN , which used to be done by the NNPC and she added that Petroleum prices will see a deregulation.

The documents reveals that the exchange rate unification will run for a 12 months period.

Nigeria has been running a multiple exchange rate system with major price differentials between the official and parallel rates.

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With the reduced demand for oil and falling oil revenues leading to dollar shortages. The government bis seeking to standardise the economic in a period of rising foreign debt.

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