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

Abu Mubarik 22:15 - 15 June 2016

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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.

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

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