The new financial policy by the apex bank of Nigeria is expected to have a corrective effect on the Nigerian economy which is starved of foreign exchange needed for importation of finished goods and raw materials for production.
The Central Bank of Nigeria, CBN, on Wednesday released modalities for the country's new flexible foreign exchange regime.
Here are things that are expected to happen in the next 10 days as a result:
1. Naira will get a new official price against the dollar when the market opens on Monday.
2. The naira will appreciate against the dollar immensely at the black market.
3. Scarcity will be reduced as dollar will be more available to buy.
4. The gap between the official market and the parallel market will shrink.
5. Round-tripping by dollar dealers (individuals and companies) will be massively reduced.
6. The restrictions on naira cards abroad may be removed.
7. The pump price of petrol may reduce.
8. Inflation rate may also be drastically reduced.
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