President Bola Tinubu has declared that monetary policy under his administration will go through house cleaning.
Tinubu while delivering his inaugural address at the Eagle Square, Abuja said whatever merits the Central Bank of Nigeria currency swap, its concept was too harshly applied, given the number of unbanked Nigerians.He noted that in the meantime, his administration will treat both currencies as legal tender.He said this will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
Tinubu added, “Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”
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