The Central Bank of Nigeria (CBN) remains steadfast in its Pursuit of Solutions for the persistent Challenges facing the Country’s Currency, the Naira.
CBN Governor, Oluyemi Cardoso, highlighted ongoing Evaluations of real versus Speculative Backlog, with plans for creative Financing options and Forex Rate unification.
The Bank emphasized the role of Market forces in determining Exchange Rates and emphasized the use of specified platforms for reference to ensure Transparency.
Isa AbdulMumin, the Director of Corporate Communications at the CBN, outlined the Bank’s Commitment to bolstering liquidity in the Foreign Exchange Market.
Importers previously restricted by the 2015 Circular are now permitted to access Foreign Exchange.
The CBN stressed its dedication to Resolving the FX Backlog and achieving a unified FX Market through continuous Stakeholder engagement.
While a Bureau de Change operator cited a high Dollar Exchange Rate, expressing concerns over Insufficient preparation by the Government, Dr. Muda Yusuf from the Centre for Promotion of Private Enterprises (CPPE) welcomed the CBN’s decision to discontinue the Forex Exclusion Policy on the 43 Items.
He emphasized the need for continual Monitoring of Fiscal Policies to regulate Imports and boost domestic Production.
The Naira’s devaluation in the parallel market, witnessing over a 40% loss against the US Dollar in the past four months, has raised concerns despite Experts’ acknowledgment of the CBN’s efforts.
