Nigeria to seek uniform exchange rates, finance minister says

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Nigeria will seek to unify its multiple exchange rate regime to generate more local currency from its dollar inflows and manage the rate in a sustainable manner, Finance Minister Zainab Ahmed said in a finance ministry document seen Reuters on Wednesday.

Ahmed said the government would direct oil firms to sell dollars to the central bank as opposed to the state-owned corporation NNPC, adding that the government would deregulate petroleum prices as part of measures to safeguard oil revenues.

The policy will be implemented over a 12 month period, the document said.

Nigeria has operated a multiple exchange rate regime which the central bank has used to manage pressure on the naira. But dollar shortages have plagued the economy after a coronavirus-induced oil price crash slashed government revenues and weakened its currency. (Reporting by Chijioke Ohuocha; Editing by Kirsten Donovan)

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