The Central Bank of Nigeria (CBN) has announced what it termed the “automatic adjustment mechanism of the exchange rate” in a the foreign exchange market and in order to reduce Naira and according to the CBN spokesman who spoke with us at the time the decision was taken he was trying to tell Nigerians Why CBN Floats Naira .
According to the CBN Governor “We’re talking about an open, transparent two-way system,” Emefiele said. “The exchange rate would be purely market-driven. I don’t expect that any other exchange rate will be recognized"
He also pointed out in that same way that there will only be Ten (10) people or persons that will be responsible for the exchange market.
According to information we have gathered from many economist they said it will be the best for the country they tagged it free floating economy.
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