The Central Bank of Nigeria in June 2016 announced a “flexible” foreign exchange policy.
The foreign exchange market will now operate as a single market through the Interbank Foreign Exchange Market (IFEM). Participants in the IFEM will include authorised dealers, authorised buyers, oil companies, oil service companies, exporters, end-users and any other entity as designated by the Central Bank from time to time.
Authorised dealers are now permitted to buy and sell foreign exchange among themselves on a two-way quote basis via any system approved by the Central Bank of Nigeria. Exchange rates will now be determined by market forces, and there will not be any spread restrictions.
Read a June 2016 report [PDF 86 KB] prepared by the KPMG member firm in Nigeria
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