Lebanon is in the midst of a currency crisis and has devalued its local currency. But implementing a new exchange rate policy is set to have catastrophic consequences on people's daily lives.

The Central Bank of Nigeria's recent increase in exchange rate for the clearance of imported items from 361 to 381 naira to a dollar is causing ripples in the ports.

FSDH Merchant Bank says the Central Bank of Nigeria should continue to restrict access to foreign exchange for the importation of items that can be locally produced produce and should work at unifying the multiple exchange rate regime in the country. Ayodele Akinwunmi, Head of Research at FSDH Merchant Bank joins CNBC Africa to breakdown this report.

As the Central Bank of Nigeria continues to work towards a convergence of rates in the forex space, what impact will an exchange rate convergence have on Nigeria's economy?

According to BMI Research's recent report titled, outlook for Nigeria's economy, improved oil production, higher oil prices, and greater exchange rate flexibility will all contribute to a return to positive real GDP growth in Nigeria in 2017.

CBN Forex Policy - Nigerian students in UK lament unstable exchange rates.

Nigeria's Central Bank plans to meet bureau de change operators today to explore ways to eliminate the gap between the official and parallel market dollar rates.