Monday, 8 December 2008
Nigeria acts to manage the naira
Central Bank of Nigeria intervened in the Nigerian foreign exchange markets, purchasing $912 million worth of naira at a rate of 130/USD. Nigeria’s history of multiple exchange rate regimes make it imerative that the Central bank give better guidance on what is going on in its currency. In the past, there have been unregulated parallel markets. The potential for such informal currency arrangements arrising again are a concern.