x

Unified Forex Policy Receives Support from Stakeholders

Nnamdi Nwizu, Co-Managing Partner/Founder of Comercio Partners Limited, an investment banking company, and Peter Elege, Managing Director/Chief Executive of PFI Capital Limited, are among the CEOs who have voiced their opinions on the matter.

ABCON President, Aminu Gwadabe, emphasized the negative impact of multiple exchange rates on the stability of the naira. He pointed out that such a system encourages illegal economic activities such as hoarding, currency substitution, round tripping, and other undesirable practices.The unification of the exchange rate will result in a competitive rate that eliminates the unethical practices and challenges faced by the naira. Furthermore, it will facilitate genuine market discovery, ensuring a fair and transparent marketplace without any monopolistic tendencies.

“You will have competition and in a competitive market, goods and services are always available.

So and it will encourage the inflow of foreign portfolio investment, because the investors are now comfortable as the market will become liquid for free entry, free exit.

“Even the diaspora remittance will also be competitive and there will be incentive for people, because now the multiplicity of exchange rate is diverting all transactions to an inefficient informal market. Most of the inflows that are supposed to come is not that they are not coming but they are being traded in an inefficient informal market. So nobody is seeing it.

“As a group we endorse, we support, we align with the decision to unify the exchange rate and then the use of the BDCs as a transmission mechanism to achieve that intention of uniform exchange rate. The BDCs have been able to play a role of providing liquidity into the retail end of the forex market which now helps in reducing the gap between the buying and the selling rate which will now entails the true value of the naira.”

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Tinubu Appoints Ismael Ahmed as Executive Chairman of Presidential CNG Initiative

President Bola Ahmed Tinubu has appointed Barrister Ismael Ahmed...

Alleged ₦80.2bn Fraud: EFCC Kicks as Yahaya Bello Seeks Medical Travel Abroad

By Gabriel Udeh The Economic and Financial Crimes Commission, EFCC,...

Why we’re raising concerns over alleged contract scam at NNPCL – Coalition

President Bola Tinubu has been asked to terminate the...

Tinubu Assures Abuja Residents, No More ” One Chance” Attacks

By Joyce Remi-Babayeju President Bola Tinubu has assured Abuja residents...

INEC Sets August 16 for Bye-Elections in 12 States, Resumes Voter Registration

The Independent National Electoral Commission (INEC) has announced August...

Tinubu Hosts Fubara, Wike, Rivers Lawmakers in Fresh Push for Peace

President Bola Tinubu on Thursday convened a closed-door meeting...

Kaduna Govt, SMEDAN Seal N1 Billion Partnership to Support MSMEs

The Kaduna State Government has signed a ₦1 billion...

President Tinubu Appoints Grace Henry as First Female Chair of Nigerian Legion

President Bola Tinubu has appointed Grace Henry, a 60-year-old...
spot_img

Related Articles

Popular Categories

spot_imgspot_img