Missing money

Nigeria: Naira float alone won’t fix currency shortage

By Kanika Saigal

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Posted on June 15, 2023 15:22

© FILE PHOTO: A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria. REUTERS — FILE PHOTO: A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria. REUTERS

Nigeria’s steps to unify naira exchange rates have been welcomed by the international investor community, but improvements in foreign exchange liquidity are yet to emerge.

The Central Bank of Nigeria announced on Wednesday 14 June that it would remove the fixed exchange rate regime, allowing market forces to determine the value of the Nigerian currency.

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