THE Treasury unexpectedly announced sweeping new measures to relax exchange controls yesterday in a bid to weaken the rand to a more "competitive" level and cut red tape for investors.

Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said the apex bank aims to keep the naira exchange rate at "around N150" per dollar and avoid fluctuations of more than 3 per cent.

Nairisation' of crude (crude oil, condensate and gas) describes how our oil receipts can be adapted as effective and cost efficient tool in the strategy to make Nigeria one of the world's top 20 economies by the year 2020.

Importers are making merry over the current strength of the Shilling, saying it will boost their purchasing power. But the situation is leaving exporters in a tight corner as they anticipate lower demand for their exports.