Nigeria: IMF Endorses CBN's Unification of Foreign Exchange Markets

6 March 2015

- Says Nigeria must reduce dependence on oil Obinna Chima The International Monetary Fund (IMF) has embraced the recent decision of the Central Bank of Nigeria (CBN) to stop the bi-weekly sale of foreign exchange through the Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS).

According to the IMF, unifying the RDAS and interbank forex markets would help cushion external shocks from dwindling commodity prices. The IMF stated this in its "2014 Article IV Consultation with Nigeria," concluded on February 27, 2015, a copy of which was posted on its website on Thursday.

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