CBN’s FX reforms open new opportunities for growth, non-oil exports

By Peter Egwuatu, Assistant Business EditorThe ongoing drop oil-prices is being cushioned by the Central Bank of Nigeria CBN’s) flexible foreign exchange (FX) regime, rising non-oil exports, and growing services trade. The CBN deployment of the Electronic Forex Market Surveillance System, shift to a single, market-determined exchange rate regime, and enhanced risk-based banking are expanding Nigeria’s capacity to earn more income outside oil, and support macroeconomic stability.Nige