In line with President Bola Ahmed Tinubu’s promise to carry out monetary policy reforms, particularly to ensure a single exchange rate for Nigeria, the new
President Tinubu suspended Emefiele from office over terrorism financing allegations brought against him by the Department of State Services . Emefiele handed over operations of the apex bank to his deputy in charge of operations, Folashodun Shonubi.
It had also last year introduced the RT200 FX programme aimed at raising $200 billion in Foreign Exchange earnings from non-oil proceeds for the country over the next three to five years.Meanwhile, the money market has started reacting to the development. This newspaper observed yesterday that the value of the naira plunged to N664.
With the floating, currency hawkers say they are unsure of which way the market will swing in the coming days with the latest news. “If it is implemented as stated, there will be some volatility in the short term, but the forex windows will converge at a rate lower than the prevailing parallel market rate. It is a good policy. The main challenge we have in the forex market is illiquidity or inadequate supply and the reason is that the price does not reflect the fundamental price of naira.
On his part, the managing director of Highcap Securities Limited, Mr. David Adonri, said a directive from CBN to banks to sell dollars at market rate signals deregulation of the forex market. CEO, Sofunix Investment and Communications, Sola Oni stated that it had been a long-awaited policy and it is consistent with the manifesto of President Bola Tinubu.
The market had impressed with All Share Index gaining 2,232.58 points, representing a growth of 3.99 per cent to close at 58,163.55 points even as market capitalisation swelled by N1.215 trillion to close at N31.670 trillion.
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