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Nigeria's Foreign Exchange Rate Unification is Not a Silver Bullet

On June 14, 2023, the Central Bank of Nigeria announced the desegmentation of the forex market and the adoption of the willing buyer-willing seller model. The president had earlier promised in his inaugural speech that he would unify the exchange rates. Before now, Nigeria operated five different exchange rates: the Importers and Exporters (I&E) window, | ....

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