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Nigeria to seek uniform exchange rates, finance minister says

Published 17/06/2020, 11:52

By Chijioke Ohuocha
ABUJA, June 17 (Reuters) - Nigeria will seek to unify its
multiple exchange rate regime to generate more local currency
from its dollar inflows and manage the rate in a sustainable
manner, Finance Minister Zainab Ahmed said in a finance ministry
document seen Reuters on Wednesday.
Ahmed said the government would direct oil firms to sell
dollars to the central bank as opposed to the state-owned
corporation NNPC, adding that the government would deregulate
petroleum prices as part of measures to safeguard oil revenues.
The policy will be implemented over a 12 month period, the
document said.
Nigeria has operated a multiple exchange rate regime which
the central bank has used to manage pressure on the naira. But
dollar shortages have plagued the economy after a
coronavirus-induced oil price crash slashed government revenues
and weakened its currency.


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