Forex Policy CBN to release full details on Friday, June 17, 2016

Following news of the new CBN forex policy direction, the market index of the Nigerian Stock Exchange rose to an unprecedented two-week high, as the premise of certainty in the forex market seemed to boost investor confidence.

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A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. REUTERS/Joe Penney/Files play A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria in this February 12, 2015 file photo. REUTERS/Joe Penney/Files
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Yesterday, Pulse Money reported that the Central Bank Of Nigeria had finally succumbed to pressure and decided to float the Naira, with support from the president.

The CBN Governor, Godwin Emefiele, made the announcement at a press briefing in the nation's capital yesterday, saying that the new policy is aimed at stabilizing the forex market and erasing artificial demand.

Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja play Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. (REUTERS/Afolabi Sotunde)

 

Following news of the new CBN forex policy direction, the market index of the Nigerian Stock Exchange (NSE) rose to an unprecedented two-week high, as the premise of certainty in the forex market seemed to boost investor confidence.

Graph showing Naira/dollar exchange rate from June, 2015 till date play

Graph showing Naira/dollar exchange rate from June, 2015 till date

(bloomberg,abokifx)

 

ALSO READ: Nigerian stocks open at 2-week high following new FX rules

In the meantime, mixed reactions have trailed the announcement, with many applauding the new policy, and many others wary of the resultant effects it could have on the average Nigerian.

Nigeria's President Muhammadu Buhari attends the opening session of the second Regional Security Summit in Abuja play Nigeria's President Muhammadu Buhari attends the opening session of the second Regional Security Summit in Abuja, Nigeria May 14, 2016. (REUTERS/Afolabi Sotunde)

 

The apex bank is expected to release the full details of the forex policy tomorrow Friday, June 17, 2016. Stay with Pulse Money to keep you updated on the latest information on the CBN's new forex policy and the forex market.

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