CBN targets market-driven exchange rates

The Central Bank of Nigeria (CBN) aims to achieve a market-determined exchange rate regime, according to an official economic plan released on Tuesday, as pressure mounts to let the Naira float freely.

The government will also review and possibly remove a ban on accessing foreign exchange for 41 goods and services, said the Economic Recovery and Growth Plan 2017-2020, released by the Budget Ministry.

Nigeria also sees 2017 inflation at 15.74 percent, and at 12.42 percent next year, the plan said. Inflation in January hit 18.7 percent, its highest level in more than 11 years.

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