The International Monetary Fund (IMF) has embraced the recent decision of the Central Bank of Nigeria (CBN) to stop the bi-weekly sale of foreign exchange through the Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS).

According to the IMF, unifying the RDAS and interbank forex markets would help cushion external shocks from dwindling commodity prices.
The IMF stated this in its “2014 Article IV Consultation with Nigeria,” concluded on February 27, 2015, a copy of which was posted on its website on Thursday.

The CBN had shut down the RDAS, effectively stopping the sale to manufacturers and oil marketing companies at the hugely subsidised official rate, and directed all authorised dealers and members of the public to channel their foreign exchange demand to the interbank market.
Some oil marketers, who had taken advantage of the wide disparity between the closed RDAS and the interbank market foreign exchange rates and were suspected of round-tripping, had cited the closure of CBN official window as one of the factors responsible for the petrol shortage.
However, the IMF report stated: “Directors welcomed the recent unification of the foreign exchange rates, noting that greater exchange rate flexibility could help cushion external shocks.

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http://monitor9ja.com/2015/03/imf-endorses-cbns-unification-of-foreign-exchange-markets/