“We will continue to operate a managed float exchange rate regime in order to reduce the impact with continuous volatility in which the exchange rate could have on our economy.” Devaluation NigerianNaira ExchangeRate Nigeria Naira
The Central Bank of Nigeria Governor Godwin Emefiele has said, “We will continue to operate a managed float exchange rate regime in order to reduce...
The factors responsible for reduced forex supply to the HNS market include, firstly, the ex-military regime-dictated withholding of Federation Account dollar allocations in favour of disbursement of prorata CBN fiat printed (that is, deficit) naira funds to the tiers of government for budgetary spending. Only a reduced stream of forex by way of CBN interventions reaches the HNS market intermittently from the CBN withheld Federation Account dollar allocations (which are inappropriately dubbed CBN’s external reserves).
Pertinently, the Nigerian Law Reform Commission in 2016 proposed a bill prescribing that forex lodged in domiciliary accounts be subject to a short time limit and, so restore the primacy and exclusive legal tender status of the naira. Even one could ignore’the unpassed NLRC bill as superfluous while trusting that the President of the Federal Republic of Nigeria, the President of the Senate and the CBN Governor will be guided by their respective oaths of office and will implement beneficial monetary laws. The harmful role of domiciliary forex accounts has been established. So between, on the one hand, the Foreign Exchange (Monitoring and Miscellaneoug Provisions) Decree 1995 (renamed Act in 2004), which instituted adversary non-legal tender domiciliary foreign currency accounts that subvert and subjugate the naira legal tender and, on the other hand, the CBN Act 2007 which reaffirms the exclusive legal tender status of the naira, which law should be in operation today that better serves the national economic interest?
Ojomaikre is visiting member, Editorial Board, The GuardianRead more: The Guardian Nigeria
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