PM NEWS
The International Monetary Fund, IMF has declared support for the move by the President Bola Ahmed Tinubu’s administration to unify the country’s exchange rate.
The Central Bank of Nigeria (CBN) on Wednesday introduced a floating exchange rate system in the foreign exchange market by giving traders at the Import and Export (I&E) window the freedom in the exchange rate determination.
With the development, buyers and sellers of foreign currency in the official FX market are now allowed to quote rates they find comfortable in the FX market. This was in line with the promise by President Tinubu that he will unify the country’s exchange rate during his inauguration speech on 29 May.
The IMF, in a statement issued on behalf of its Resident Representative in Nigeria, Ari Aisen, on Friday expressed support for the move by the Tinubu’s government. It also pledge its support for the Tinubu government for the success of the foreign exchange reforms.
The IMF, in the short statement said, “The Fund greatly welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations.
“We stand ready to support the new administration in its implementation of FX reforms.”
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