The International Monetary Fund (IMF) Friday gave its backing to the Central Bank of Nigeria (CBN’s) exchange rate unification policy.

The policy, which collapsed all exchange rates into the Investors and Exporters (I&E) window, allows market forces to determine exchange rates.

The IMF said it stands by and supports the implementation of the policy.

In a statement, IMF Resident Representative, Nigeria, Ari Aisen, said: “The Fund greatly welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations. We stand ready to support the new administration in its implementation of FX reforms.”

With the policy, all applications for medicals, school fees, Business Travel Allowance/Personal Travel Allowance, and SMEs would continue to be processed through the I&E window.