An attempt by President Bola Tinubu to unify the multiple exchange rate windows back in June is off to a rocky start.
President Tinubu introduced a free float of the naira in June this year, scrapping the unorthodox policy of his predecessor, Muhammadu Buhari that pegged the official rate of the currency at N461/$1. This had fuelled a parallel market where the currency traded closer to double the official rate.Get unlimited access to our exclusive journalism and features today.
Currency bureaus have sprouted in Nairobi to tap into the lucrative forex market, offering customers marginally lower rates compared to commercial len...US strips four more countries of AGOA trade benefits Uganda, Niger, Gabon and the Central African Republic join a growing number of African countries to lose duty-free access to the United States market.Also receive offers from The Africa Report
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