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IMF Welcomes Nigeria's Decision on Exchange Rate

The International Monetary Fund said Thursday that it welcomed the decision by Nigeria's central bank to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances. IMF spokesman Gerry Rice told a weekly news briefing that the fund wanted to see how effectively the naira exchange market functions once the new float system is put into effect on Monday. Nigeria's central bank governor said in a letter to...

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