NIGERIA: Micromanagement of scarce FX resources continues

Africa

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Two actions taken by the Central Bank of Nigeria (CBN) this week highlight the bank’s persistent penchant for micromanaging the exchange rate rather than heeding calls from international lenders to float the currency. The measures introduced on 24 and 25 August are likely aimed at counterbalancing an anticipated spike in FX demand as international flights are scheduled to resume on 29 August. The CBN had suspended the sale of foreign exchange to bureau de change (BDC) operators in March when international flights were suspended but indicated that it would resume sales upon resumption of fli
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