Nigeria will continue to pursue exchange rate convergence around what is offered in the investors and exporters window, otherwise called nafex, the regulator said.
“Exchange rate unification is moving toward the nafex,” central bank governor, Godwin Emefiele said on a call with investors on Tuesday. People buying dollars from the parallel market are engaged in 'illegal business' and 'corrupt practices,' and the bank will not use the unofficial market as a base for convergence, he said.
“The reserve still remains above $36 billion. I would imagine it is enough to make somebody comfortable if you want to do business in Nigeria,” the governor said.
The local currency unit has stabilized at 388 naira to a dollar on the nafex window in the past two months, and this is expected to be sustained as oil price recovery leads to higher foreign exchange inflows for Africa's largest economy where crude exports account for about 90% of export earnings…
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