The Director, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, has applauded the bold step by the President
He also added that the policy would reduce uncertainty and inspire the confidence of investors minimising discretion and arbitrage in foreign exchange allocation mechanisms.
The statement read, “The Centre for the Promotion of Private Enterprise welcomes the bold step taken by the Tinubu administration towards the unification of the naira exchange rate. “A unified exchange rate regime enhances liquidity and reduces uncertainty in the foreign exchange market. It would boost government revenue by a minimum of N4 trillion through additional remittance of exchange rate surplus to the federation account by the CBN and allow the use of naira cards for limited international transactions.
“It would facilitate the mopping up of naira liquidity in the economy in the short to medium term. This would impact positively the inflation outlook. “The CPPE also expects the new policy to deepen the autonomous foreign exchange market through the liberalisation of inflows from Export Proceeds, Diaspora Remittances, Multinational oil companies, diplomatic missions, etc.,” the statement concluded.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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