Nigerian central bank announces forex liberalisation
Naira will float from June 20, while CBN pledges funds to non-oil export companies
Nigeria's central bank said it will make approximately $2.5 billion credit available to non-oil exporters, following its recent announcement that the country's currency will float free from its dollar peg from Monday, June 20.
The Central Bank of Nigeria (CBN) unveiled the ‘non-oil export stimulation facility' (ESF) on June 16. Under the ESF, the CBN will invest in a debenture issued in the local currency, the naira, by the Nigerian export-import bank (Nexim).
The CBN will have overall control
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