@VANGUARD ECONOMIC DISCOURSE: How Nigeria can earn more forex, stabilise naira, by experts

Bold, pro-business reforms will enhance dollar supply – NACCIMABy Babajide Komolafe, Yinka Kolawole, Nkiruka Nnorom, Elizabeth Adegbesan, Providence Ayanfeoluwa & Mariam Adebukola.

NACCIMA President, Dele Oye, argued that the CBN should note that the few countries that floated their currencies have strong fundamentals including an investment-friendly environment that ensure dollar inflow and also huge external reserves. He said: “We have also embarked on major reforms to liberalize the foreign exchange market, which have enhanced transparency, reduced arbitrage opportunity, promoted stability, and improved liquidity in the market.

He said: “We also have the floating of the naira. I want to say here that there are only 10 countries in the world where they freely sell their currencies, and these include the EU. So you have the US, EU, Japan, Norway, Australia, and others. Then you also have a set of countries that have stronger fundamentals than Nigeria.

Nigeria needs to leverage more on its assets and part of the reform programs is to announce a program for turning to assets to unlock liquidity from our real estate. Kenya is taking 35 percent of its state-owned companies to the stock market this year, Saudi already did.

“If you are among the few who can call up assets with which to attract reserves, please do, maybe we would have $200 billion and behind that wall, exchange rate would be stable, inflation would be moved.”Speaking, MD/CEO of Financial Derivatives, Bismarck Rewane, noted that while reforms are necessary to achieve an efficient forex market, the country must however earn dollars otherwise the Naira will not appreciate.

“So, currency volatility is a natural part of markets. Look at other countries, look at the Ghanaian cedi, look at the South African rands. So that’s not true. If the central bank cannot print dollars, even if they would like to, actually they cannot, the only thing they can do is to earn the dollar and have an efficient transparent market.

Source: News Formal (newsformal.com)

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