Tinubu, CBN Have Done Well To Stabilize The Naira – IMPI

The Independent Media and Policy Initiative (IMPI) has described the rate with which the naira is appreciating as a reflection of the bouquet of positive policies introduced by the Nigerian authorities and the Central Bank.

In a statement signed by its Chairman Niyi Akinsiju,the policy think tank argued that the government and the CBN deserve commendation for policies that are addressing the supply and demand sides of the foreign exchange market.

The group acknowledged that the resurgence of the Naira in the forex market was as a result of CBN’s directive to banks on Net Open Position (NOP) as well as the clearing of the more than $7billion foreign exchange backlog due to foreign investors.

it also cited CBN’s new status as the official revenue collection entity of the Nigeria National Petroleum Corporation Limited (NNPCL) and concluded that the country’s monetary and fiscal policy authority have done a good job.

The policy think tank added that the sale of dollars to BDCs at the rate of N1,251/$ is a clear indication of the possibility of increased value of the naira over the next few months.

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