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Article: Nigeria to Retain Dual Exchange Rate in 1997
- Article from:
- Xinhua News Agency
- Article date:
- January 18, 1997
CopyrightCopyright 1997 Xinhua English Newswire. Provided by ProQuest LLC. (Hide copyright information)
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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 ...