MAN supports forex unification
he Manufacturers Association of Nigeria has described the unification of the country’s Foreign Exchange windows by the Central Bank of Nigeria as gratifying and a welcome development, saying it will engender increased investment inflow into the real sector of the economy.
He also noted that the International Monetary Fund and the World Bank had at different times advised the country on the need to unify the multiple exchange rate windows to prevent distortions in investment decisions in the public and private sectors of the economy.“In fact, the World Bank had attributed the country’s loss of Foreign Direct Investment to investors’ exasperation from perceived manipulation of the foreign exchange market.
The Association, however, noted that it was important to recognize the existence of the unavoidable pains that naturally come with the transition from a multiple exchange regime to the domain of a single exchange rate, particularly the burden of dollar denominated loans and offsetting existing credit commitments to foreign suppliers of raw materials.
In the light of all of the above, the Association implored the CBN to develop appropriate implementation strategy that will engender a successful transition from the current multiple windows to a single efficient one.
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