Currency Float: Group Commends CBN
The recent announcement by the Governor of the Central Bank of Nigeria, Godwin Emefiele to float the Naira in foreign exchange transactions has received commendation from the Buhari Media Support Group (BSMG).
The group in a statement signed by its Coordinator, Mallam Muhammed Labbo and Secretary, Cassidy Madueke, says the bold step by the CBN to re-engineer the institutional framework of Foreign Exchange transactions in the country will engender the injection of more local and foreign investments into the country.
The group observes that even though the new currency policy was still in its embryonic stage, its various components are a bold reflection of the fiscal policy of the Buhari administration which seeks to make the Naira a competitive currency in international trade.
BMSG believes that this new policy will cleanse the Aegean stable whereby FOREX trading in the country was loosely regulated; while the CBN looked away when officials of government and their cronies became overnight foreign exchange traders.
“Therefore, illicit foreign exchange trading in Nigeria will have to be a cumbersome venture – if at all possible, the policy is also nimble to further attract more local and foreign investments into the economy.”
The BSMG while commending the CBN for this initiative, also gives kudos to President Muhammadu Buhari for giving the apex bank a free-hand to play its role as a currency regulator.
The BMSG notes with admiration that the various components of this policy are in tandem with the fiscal policy of the Buhari administration which seeks to make the Naira a competitive currency in international trade.