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Nigeria steps up efforts for naira stability
(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."
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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