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NIGERIA'S FOREIGN EXCHANGE
Nigeria’s foreign exchange (FX) unification policy, implemented by the Central Bank of Nigeria (CBN) in June 2023, aimed to simplify the country’s multiple exchange rate system by consolidating it into a single market-driven rate.
S&P Global has described the 650,000 barrels per day (bpd) Dangote Oil Refinery as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency
Data from CBN's website revealed that Nigeria's foreign exchange reserves reached a six-year low of $32.87 billion as of the end of December.