Central Bank of NigeriaNigeria’s Central Bank Governor (CBN), Lamido Sanusi, said on Tuesday that the CBN would guarantee all interbank transactions from July 2009 to March 2010. Lamido Sanusi said the decision is aimed at “reassuring the market and stabilizing the system while the reform process continues over the next six to nine months.” “This should stop the current overheating in the system and exert a downward pressure on interest rates,” Lamido Sanusi added.

Additionally, the CBN Governor recently said that the CBN would immediately liberalize Nigeria’s foreign exchange (FOREX) market, lifting all restrictions imposed earlier this year.

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