Naira Nigeria's launches market-driven interbank trading system: cenbank governor

The window's exchange rate will be purely market-driven, Godwin Emefiele told reporters. The new system would help with economic growth and restore investor confidence.

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

Nigeria's central bank will launch a foreign exchange interbank trading window on Monday to boost the supply of hard currency in Africa's biggest economy, its governor said on Wednesday.

The window's exchange rate will be purely market-driven, Godwin Emefiele told reporters. The new system would help with economic growth and restore investor confidence.

Precise guidelines will be published later on Wednesday, he said, adding that the new window would have eight to ten primary traders handling minimum volumes of $10 million.

Nigeria has been suffering from foreign exchange shortages due to a slump in oil revenues which have crippled public finances and hit currency reserves.

 

Credit: Reuters

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos





Top Articles

1 Ghana-Ivory Coast Maritime Boundary Dispute ITLOS maritime boundary case...bullet
2 Ghana-Ivory Coast Maritime Dispute How the ITLOS ruled in favour of Ghanabullet
3 Bank of Ghana Here are the banks with the best deposit rates in Ghanabullet
4 Robert Ahomka-Lindsay Deputy Trade Minister could be forced out of...bullet
5 Judgement Day Ghana awaits ruling on maritime dispute with Cote...bullet
6 ITLOS Judgement Mahama congratulates Nana Addo for continuing...bullet
7 Not iPhone 5 very good smartphones you can get in Ghana that...bullet
8 Maritime Dispute Ghana will win, Kofi Mbiah saysbullet
9 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
10 Interest Rate Here are the banks offering the cheapest...bullet

Top Videos

1 Entrepreneurship Failure- How To Deal With It | StartUpSchoolbullet
2 Entrepreneurship Creating Success Systems | StartUpSchoolbullet
3 Entrepreneurship How to be resourceful as an entrepreneurbullet

Business