LAGOS, June 24 (Xinhua) -- Nigeria's apex bank is trying to reduce volatility in the foreign exchange market, as part of its long-term measures to stabilize the Nigerian naira.
Central Bank of Nigeria (CBN) governor Godwin Emefiele said this while reeling out the policy road map for his second tenure of five years on Monday in Abuja, the nation's capital.
He said the bank will continue to operate a managed float exchange rate regime to reduce the impact of continued volatility in the exchange rate on the economy, adding that the bank would support measures that would increase and diversify Nigeria's export base and ultimately help in shoring up the reserves.
The banker told reporters that Nigeria remained committed to a free trade regime that was mutually beneficial, while the dynamics of global trade continued to evolve in advanced economies.
"We intend to aggressively implement our 500 billion nairas (about 1. 3 billion U.S. dollars) facility aimed at supporting the growth of our non-oil exports, which will help to improve non-oil export earnings," he added.
"We will launch a Trade Monitoring System in October, which is an automated system that will reduce the length of time required to process export documents," he said.
According to him, this measure will help support the bank's efforts at improving our non-oil exports of goods and services.
"We will also work with our counterparts in the fiscal arm in supporting improved Foreign Direct Investment flows to various sectors such as agriculture, manufacturing, insurance, and infrastructure," the bank chief told reporters.
"These measures while supporting improved inflows into the country, will help to stabilize our exchange rate and build our external reserves," he added.
