Central Bank of Nigeria devalues the Nigerian Naira, announces new 'flexible' forex regime

Nigeria: Governor of the Central Bank of Nigeria, Godwin Emefiele, on Wednesday June 15, 2016, devalued the Nigerian currency to the dollar as he announced a flexible foreign exchange system that would see the country scrap the doublel exchange rate system. Under the new plan, the official
exchange rate of the naira will exist in a "single flexible window," which will likely be determined by market forces. The central bank Governor, Godwin Emefiele's during a press conference in Abuja announced a series of measures to manage the new forex policy:
1. The introduction of Forex Primary Dealers
2. Futures Market to enable end users to lock down rates
3. 12 other measures to ensure transparency and stability of the new market.

Emefiele said the central bank will operate a single trading window, which will take off on June 20, 2016, adding that the CBN will only step in from time to time regulate the market.
He said that the bank will appoint less than a dozen primary dealers who would now be in charge of foreign exchange trading, driving flexibility in the system.
He added that the 41 banned items remain banned, and cannot access forex from the new window. The announcement end months of speculation about the official value of the Nigerian currency.