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Central Bank of Nigeria to Inject More Dollars into Forex Market

by Vicky Oselumese
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Central Bank of Nigeria to Inject More Dollars into Forex Market

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In order to boost production and address the weakening of the naira, stakeholders in Nigeria have highlighted the need to tackle insecurity, implement forex reforms, and improve market governance.

They emphasized the importance of allowing farmers to go to their farms by addressing insecurity.

They also called for the dismantling of forex rationing and administrative controls, as well as the review of import restrictions, to improve exchange rate management.

Additionally, they urged stiffer measures on dollar trading platforms to prevent diaspora remittances diversion and advocated for the inclusion of Bureau de Change operators in the harmonized forex market.

The stakeholders emphasized the importance of transparency, liquidity, and fairness in the forex market to achieve exchange rate unification.

They also highlighted the long-term causes of the weakening of the naira, including a dip in productivity, poor market governance, and corruption, which need to be addressed for stability in the exchange rate.

Suggestions were made to revamp the refineries to reduce the import of petroleum products and increase forex earnings from crude oil sales.

The stakeholders also called for the coordination of fiscal and monetary policies and the review of the CBN’s RT200 program.

They emphasized the need to check rising inflation, invest in productive activities, improve ease of doing business, and cooperate with state governments to restore confidence in the FX market.

Finally, they highlighted the importance of addressing the demand-supply gap in the forex market and reducing non-economic use of dollars by the government.

This article was updated 5 months ago

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