An economic research organisation, Pol Eco Analytics, has charged the Central Bank of Nigeria, CBN, to complete its latest monetary reforms in order to strengthen the Naira and ensure economic stability and growth in the country.
The organisation, in a statement issued by its Lead Researcher and Policy Analyst, Adefolarin Olamilekan, said the call became necessary in view of the fact that previous reform programmes by the management of the apex bank were abandoned half way.
Pol Eco Analytics also said the success of the reform programmes would also be partly dependent on the integration of the country’s monetary, fiscal and trade policies from a set goal target.
It suggested too that in order to achieve success, the CBN should eliminate pressure from reaction that majorly abused the foreign exchange sector for rent-seeking gains and dollarisation of the economy.
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The organisation said much as there were signs that the current CBN management was working towards ensuring the Naira regained its value and that it sanitized the nation’s foreign exchange market, there was need to see its policy through.
The organisation pointed out some problems that had afflicted Nigeria’s foreign exchange market leading to absymal performance of the Naira.
“These include lack of transparency, followed by policy reversal, insider abuse, and political economy pressure cum rent seeking that characterised crony financial capitalist,” it said.
It added: “This in our understanding of the FX market culminated in the technical problem of foreign exchange shortage and volatility as well as eventual depreciation of the Naira.”