Article: Nigeria to Retain Dual Exchange Rate in 1997

Nigeria will retain its dual exchange rate in 1997, Head of State General Sani Abacha announced in his budget speech this morning.

The announcement is contrary to widespread speculations that the country's controversial dual exchange rate will be merged this year at around 50 Naira to one Dollar.

The head of state said that the official exchange rate will remain 22 Naira to one dollar, and the Autonomous Foreign Exchange Market rate will also remain 80 Naira to one Dollar. He noted that the government's policy has generated a stability of the Naira in the foreign exchange market and it is necessary to ensure that the ...

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