The World Bank has blamed Nigeria’s enduring foreign exchange instability on the fixed exchange regime in the official forex market.
The financial institution in a report on African economies titled: ‘Africa’s Pulse’, singled out Nigeria and Angola as two countries yet to experience stability in the forex market despite rebound in the prices of commodities being exported.
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While the two countries currencies remain fixed against the US dollar, the imbalance in the forex market remains substantial.
Both countries inflation keeps rising as a result of depreciation of currencies in the parallel exchange market.
