The IMF spokesman, Gerry Rice told journalists yesterday that the Fund wanted to see how effective the naira exchange market functions once the new float system is put into effect next Monday.
According to Rice, “I think the announcement yesterday to revise the guidelines for the operation of the Nigerian interbank foreign exchange market is an important and welcome step.
“It will provide greater flexibility in that market, the foreign exchange market.”
It would be recalled that senior IMF officials, including managing director, Christine Lagarde had urged the Nigerian government to devalue the Naira to absorb some of the shock to the economy from a plunge in oil prices and revenues. Click to signup for FREE news updates, latest information and hottest gists everyday
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