Economists urge CBN to review forex policy

Economists urge CBN to review forex policy

The Nigerian Economists Society (NES) has urged the Central Bank of Nigeria (CBN) to review the new foreign exchange (forex) regime, saying some form of managed pegged system is consistent with the structure of the Nigerian economy.

NES also warned that the country may slide into depression, saying the flexible forex regime of the CBN cannot survive in a non-productive economy.

They said managed float policy is a better option given the Nigerian economy’s current local productive capacity and over-dependence on crude oil as its major source of forex earning with its price determined exogenously driven in the global market. Read more

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