“The issue we have now is that the market is not liquid enough,” Edun said.
Edun was made the finance minister last month said the issue can only be resolved with high forex inflows.
“We are committed to encouraging liquidity based on reforms that have been made at the moment, on the fiscal side and the monetary side. And together with the restoration of trust and confidence, we think the FX flows will return.”
On Thursday, the Central Bank of Nigeria postponed its September Monetary Policy Meeting as it is awaiting the confirmation of the new apex bank governor, Olayemi Cardoso.
Already, the CBN introduced a managed forex float and collapsed the forex windows into the Nigerian Foreign Exchange Market in order to attract investors.
Muda Yusuf, the Chief Executive Officer of the Centre for the Promotion of Private Enterprises said in a response that, “I think the CBN has managed the float well so far and for us to assess the performance of the CBN, we need to situate it in the context of the capacity of the CBN itself to be able to support the forex market.
“CBN’s capacity has been severely or considerably eroded, and that is a variable that is not squarely within the control of the CBN.”
Yusuf said there is “very little that can be done. What ought to be done has been done,” adding that the whole idea of liberalising the market is to ensure that you have more inflows, especially from autonomous sources.
Freedom at Last: Nasarawa University Students Released from Abduction
144, 910 cases pending before Federal High Court in new legal year
EFCC Charges Couple in Kano with N410m Fraud
“Funke Akindele has been my mentor from the beginning,” says Kemity
Victor Osimhen Heads to Marrakech for CAF Awards 2023, Misses Napoli Training
Kogi Guber: Action Alliance disowns candidate’s petition against Gov-elect
Oyo APC faults Makinde’s 2024 budget proposal
- Business3 months ago
Finance minister: Tinubu’s government met a bad economy, can’t borrow to fix it
- Business4 months ago
World Leaders, Including Obasanjo, Call for End to Dollar Dominance
- News4 weeks ago
World Bank disburses $300m palliative loans
- News1 month ago
Nigeria Advocates for Two-State Solution Amid Israeli-Palestinian Conflict
- News3 weeks ago
Nigeria Achieves 78% Vaccination Coverage in 12 States, Reveals Official
- Investigation4 months ago
NDLEA chiefs accused of N3.7m bribery
- News4 months ago
Fidelity Bank Staff Steals N874 Million From Customers Account With Over 22 Cloned ATM Cards
- News4 months ago
DS Kalu – We Will provide legal framework to boost direct foreign investments