CBN’s unified exchange rate gets IMF backing

CBN’s unified exchange rate gets IMF backing

The International Monetary Fund (IMF) has expressed support for the exchange rate unification policy of the Central Bank of Nigeria.

The policy, which collapsed all exchange rates into the Investors and Exporters (I&E) window, allows market forces to determine exchange rates.

The IMF said it would support the new administration in its implementation of the FX reforms.

IMF Resident Representative in Nigeria, Ari Aisen, in a statement said, “The Fund greatly welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations. We stand ready to support the new administration in its implementation of FX reforms.”

Under the new policy, all applications for medicals, school fees, Business Travel Allowance/Personal Travel Allowance, and the SMEs would continue to be processed through the I&E window.