Published On: Tue, Jan 17th, 2017

CBN unmoved by opposition to monetary policies

Central Bank of Nigeria, CBN

Central Bank of Nigeria, CBN

LAGOS, (CAJ News) – THE Central Bank of Nigeria (CBN) looks set to resist calls for the harmonisation of the multiple exchange rates .
The Association of Bureaux De Change Operators of Nigeria (ABCON) is advocating for the harmonisation.
This comes in the wake of a large divergence between the interbank (IFEM) and bureau de change rates reflecting the sharp fall in oil revenues and resulting foreign currency scarcity.
First Bank of Nigeria is of the assumption ABCON is not pushing for a armonised rate at the administered interbank level.
The association recently launched a portal, setting an initial exchange rate of N399/US$. The official rate is just above N300/$.
“The association may feel that its own BDC rate would be the appropriate level,” FBN stated.
The bank is doubtful authorities are ready yet to take this suggestion on board.
“Inflation would pick up again, the body language of the MPC is negativeand the political leadership is not convinced of the argument.”
CAJ News

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