Published On: Tue, Feb 21st, 2017

Youth back CBN stance on forex guidelines

Central Bank of Nigeria

Central Bank of Nigeria

LAGOS, (CAJ News) - THE Integrity Youth Alliance has expressed its support to the Central Bank of Nigeria’s (CBN’s) divisive foreign exchange policy.
It denounced recent attacks on the apex bank on defying calls to devalue.
Integrity Youth Alliance said referred to June 2016 when the CBN unveiled the “flexible” foreign exchange policy that would allow the foreign
exchange interbank trading window to be driven purely by market forces.
“The new policy effectively removes controls on the Naira, allowing increased Dollar supply that would help strengthen the country’s weak
economy,” said Danjuma Lamido, Publicity Secretary of Integrity Youth Alliance.
Lamido said the forex policy by the CBN was a measure that would promote economic growth, “so we see it as a welcome development.”
“The bold step by the Central Bank of Nigeria to re-engineer the
institutional framework of foreign exchange transactions in the country will engender the injection of more local and foreign investments into the
country.”
Lamido said the new currency policy was a bold reflection of the fiscal policy of the President Muhammadu Buhari administration which seeks to
make the Naira a competitive currency in international trade.
“It is our belief that this new policy will cleanse the Aegean stable whereby forex trading in the country was loosely regulated.” 
– CAJ News

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