2023-06-15 22:58:00
With our correspondent in Lagos, Liza Fabbian
Putting order in a very complex exchange system was one of the measures expected from Bola Tinubu.
A first step in this direction was taken on Wednesday, when the Central Bank lifted some of its restrictions on the official market, causing the value of the naira to plummet by nearly 36%.
But this is less a devaluation than a necessary adjustment to reflect the reality of supply and demand. Since 2017, the Central Bank had been intervening heavily to artificially maintain the value of the naira.
This unorthodox monetary policy has led to a multiplication of exchange regimes, with the existence of a black market on which the value of the naira is significantly lower than its official rate.
This situation has many perverse effects on investments, slows down the activities of local businesses and of course fuels corruption.
The gradual unification of foreign exchange regimes should bring back transparency and bring liquidity to the official foreign exchange market.
The demand for dollars on the parallel market had already registered a sharp drop on Thursday in Nigeria.
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