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The Central Bank of Nigeria was assisted in consolidating its foreign exchange market by the International Monetary Bank.
On Wednesday, CBN disclosed recent adjustments to the way the foreign currency market operates.
The official Investors' and Exporters' Windows of the foreign currency market should no longer have a rate cap on the naira, according to a directive from the top bank to deposit money banks.
As a result, the CBN said on Wednesday that the incident had caused the naira's value to decline relative to the US dollar, which traded at 588.5.
Ari Aisen, the IMF's resident representative for Nigeria, said in a statement on Friday that the organization will keep assisting the federal government by making recommendations to lessen the negative economic consequences of the implementation of FX reforms.
"The Fund is quite pleased that the authorities have decided to implement a single, market-reflective exchange rate system in accordance with our long-standing recommendations. In order to undertake FX reforms, we are ready to assist the new administration."
