(MENAFN) Nigeria's apex bank was announced to be in efforts to achieve less volatility in the foreign exchange market.
Efforts are being made in line with long-term steps declared with a purpose to accomplish stabilization in the Nigerian anira.
Governor of Central Bank of Nigeria (CBN) Godwin Emefiele confirmed that operations will not cease for a managed float exchange rate regime to cut the effect of volatility in the Nigerian economy.
According to the governor, "we intend to aggressively implement our 500 billion nairas (about 1. 3 billion U.S. dollars) facility aimed at supporting the growth of our non-oil exports, which will help to improve non-oil export earnings."
Emefiele added: "we will launch a Trade Monitoring System in October, which is an automated system that will reduce the length of time required to process export documents."
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