The apex bank in Nigeria has finally admitted the flexible Forex policy initiated to regulate the value of the naira is still at trial stage and more amendments will be made to improve the policy.
The Flexible Exchange Rate Inter-bank Market policy is on trial, the Central Bank of Nigeria (CBN) said yesterday.
It will make room for more stakeholders, including bureaux de change (BDC) operators, to participate, CBN Governor Godwin Emefiele said.
He spoke at the interactive session between the BDCs and the CBN on the new policy and the state of the forex market, The Nation reports.
He assured the BDCs that they will be factored in while acknowledging their impact on businesses. The broad framework and guidelines of the Flexible Exchange Rate Inter-bank Market was released by the CBN on June 15 during which it restored the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market.
The CBN said the workings of this market will be consistent with its objectives of enhancing efficiency and facilitating a liquid and transparent Foreign Exchange Market.
Emefiele, who was represented by CBN Director, Financial Policy and Regulation Department, Anthony Ikem, said: “The CBN wants to accommodate and carry all stakeholders along. All that management is requiring for the BDCs is to be more patient. The new policy is being tested. Efforts will be made to see how the BDCs, which are critical to economic development, will be carried along”
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