Fixed exchange rate regime in nigeria
According to Focus Economics in March, President Buhari’s re-election means that a move towards a free-floating exchange-rate regime is unlikely. Speaking to Reuters, Nigeria’s information minister Lai Mohammed said: “Right now, the currency is converging naturally at about 360 naira to the dollar. Three years ago, the same … was about 525. Whereas the Nigerian monetary authorities fixed the official exchange rate at N196 to a dollar, there is today a near 50% differential in the parallel market rate to the official rate. The fact that the exchange rate is not market determined,