Fix forex crisis urgently, CPPE urges CBN Governor

The Centre for the Promotion of Private Enterprise (CPPE) has urged the newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso, to urgently fix the foreign exchange crisis.

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Muda Yusuf, the director of CPPE, disclosed this in a statement outlining a ten-point agenda for Cardoso on Sunday.

He urged the CBN governor to put policies in place to restore confidence in the forex market.

On Friday, the naira reached its lowest point at N995 against the U.S. dollar due to heightened demand and insufficient supply.

He suggested that the newly appointed CBN management team should, in addition to the existing Investor and Exporter FX exchange window, “create an autonomous window in the banking system where the currency can trade freely without any encumbrances.”

“This move would help diminish the inclination to sell remittances in the street FX market, commonly referred to as the black market, he said.

“It is necessary to avert the diversion of remittances to other jurisdictions or the black market. We cannot afford to live in denial at this time. The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors.”