Review of CBN operational changes on the foreign exchange market

In a bid to address the extant economic gaps that exist in the Nigerian Foreign Exchange Market (the “FX Market”), the Central Bank of Nigeria (“CBN”) released a circular dated June 14, 2023 titled “Operational Changes to the Foreign Exchange Market” (the “Circular”). This Circular introduces notable changes to the country’s FX Market and its operations. The purpose of this paper is to highlight the changes and impact of the introduced changes on the foreign exchange market as well as its interplay with the Nigerian economy.