Amid the fear of imminent recession, the monetary policy committee of the Central Bank of Nigeria has moved to buoy the economy, necessitating the adoption of flexible foreign exchange regime and leaving the rates unchanged. Kunle Aderinokun, Olaseni Durojaiye and James Emejo write that the development has rekindled the hope of economic recovery
The 255th meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), which ended in Abuja last Tuesday is significant for a number of reasons. One, the decision of the committee to adopt a flexible foreign exchange rate regime, albeit with a "small window for critical transaction" after rebuffing several calls to that effect, will continue to generate discussion, perhaps until details of the window is made public.
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