Awaiting CBN’s foreign exchange rate unification | The Guardian Nigeria News

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• Normalise rates to boost transactions, says LCCI boss
• Rewane warns against exchange rate fixing
• Political consideration, intrigues thwart apex bank’s efforts

The dithering by the Central Bank of Nigeria (CBN) to tackle foreign exchange (FX) rate unification, a programme it pledged to pursue aggressively last year, has become a major disincentive to attracting capital inflows needed to drag the economy out of recession, The Guardian has learnt.

As the naira buckled under intense pressure amidst unstable oil prices mid-last year, the Governor of the Central Bank, Godwin Emefiele, promised that the CBN would continue to pursue FX rate unification around the Nigerian Autonomous Foreign Exchange (NAFEX) window. NAFEX rate is the window where investors and exporters trade dollars on a market-determined basis.

The pronouncement triggered a debate on the appropriateness or otherwise of the policy, with ex-central banker, Prof. Kingsley Moghalu, lending voice to the…



Source: Guardian Newspaper