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Bloomberg
Nigeria’s central bank said it’s made no change to its naira policies, after a revision on its website led some analysts to speculate that it was ending a system of multiple exchange rates.
“Nothing has changed in Nigeria’s exchange-rate structure,†and the naira’s value continues to be determined by trading in the Investors’ & Exporters’ FX Window, Isaac Okorafor, a spokesman for the Abuja-based institution, said in a text message.
The I&E FX window, also know as the Nafex window, was introduced in 2017 as Nigeria sought to attract capital inflows by offering investors a weaker and market-determined naira rate.
The central bank pegs an official rate — meant for government bodies and fuel importers — at about 20 percent stronger than the market price.
The central bank’s homepage stated that the official rate was “market-determined,†whereas it previously gave a value. The website reverted back to its original form on Wednesday.
Central bank Governor Godwin Emefiele, who was re-appointed for a second five-year term last month, says the current system, which includes restrictions on imports, is the best way to diversify Nigeria’s oil-dependent economy and boost manufacturing.
The International Monetary Fund has long been critical, saying the absence of a single exchange rate creates confusion and deters foreign investment. The Washington-based lender said it was, for the first time in almost 40 years, reviewing how it deals with members that have multiple exchange rates.