Under the new rules, investors will not require approval for opening foreign currency accounts or for re-investing foreign exchange earnings.
Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues.
The Mariinsky receives little government funding and it lost virtually all its foreign-exchange earnings (from record sales and foreign tours) in last year's Russian banking collapse.
The government will also promote exports and service industries such as tourism to boost foreign-exchange earnings.
The annual auctions of tobacco, which provides more than 30% of the country's foreign-exchange earnings, opened last week with a whimper.
In Britain, a series of business scandals in the 1980s, most notoriously Polly Peck, a conglomerate which manipulated its foreign-exchange earnings, convinced the corporate world that accounting rules had to get better.
Excluding foreign exchange effects, net earnings are projected to rise by at least 32%.
The company, based in New York and Switzerland, also lowered its full-year earnings guidance because of changes in foreign exchange rates.
The company, based in New York and Switzerland, lowered its full-year earnings guidance because of changes in foreign exchange rates, which also hurt its quarterly results.
The company notes that based on current foreign-exchange rates, particularly with the euro, it expects foreign currency translation to have a negative impact on earnings per share for the full year, even though the currency impact in the second quarter is expected to be minimal or null.
Since July the State Administration of Foreign Exchange (SAFE) has demanded more information on export earnings.
And earnings were "adversely affected" by foreign exchange losses in Argentina, where the peso has plummeted against the dollar, Tuesday's results statement said.
The company notes that based on current foreign-exchange rates, particularly with the euro, it expects foreign-currency translation to have a negative impact on earnings per share for the full year, even though the currency impact in the second quarter is expected to be minimal or null.
State Street fell 6.4% after the company's second-quarter earnings fell 4.5% on lower foreign-exchange trading revenue and lower fees from its investment management business.
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