Nigeria's Multiple Exchange Rates Are Starting to Look Like Two
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Investors and the International Monetary Fund have long called on Nigeria to merge its multiple exchange rates. It’s starting to look like that’s happening.
The central bank has weakened the “Nifex” rate at which it sells dollars to most local companies by about 10 percent since August last year, bringing it closer to the “Nafex” rate used by foreign bond and stock investors. Nafex and Nifex are also converging toward the naira’s black-market value.