•Oppose benchmarking parallel market rates
By Elizabeth Adegbesan
The members of the Central Bank of Nigeria’s, CBN, Monetary Policy Committee, MPC, have called on the apex bank to carry out a comprehensive review of the foreign exchange market operations in the country to determine the fundamental drivers, and relative sizes of the segments of the market.
They also advised the Bank to ignore the call by some stakeholders that the parallel market rate should guide the appropriate exchange rate in Nigeria.
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This was contained in the just released Personal Statements of Members in the MPC Meeting of September 2021.
According to Adenkinju Festus, “The exchange rate movements remain worrisome. The demand pressure in the formal market remains exceedingly high. The challenge is how to boost foreign exchange supply to the economy.
He said: “In the light of the above, I would like to make the…
Source: Vanguard Newspaper