The Centre for the Promotion of Private Enterprise (CPPE) has called upon the newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso, to take immediate action to resolve the foreign exchange crisis that Nigeria is currently facing.
In a statement released on Sunday, Muda Yusuf, the director of CPPE, outlined a ten-point agenda for Governor Cardoso, urging him to implement policies that would restore confidence in the forex market.
The Nigerian naira reached its lowest point on Friday, plummeting to N995 against the U.S. dollar as a result of high demand and inadequate supply.
Yusuf recommended that the new management team at the CBN establish an autonomous window within the banking system where the currency can be freely traded without any restrictions. This, he explained, would help reduce the prevalence of remittance sales in the street FX market, also known as the black market.
“At this critical time, it is essential to prevent the diversion of remittances to other jurisdictions or the black market. We cannot ignore this pressing issue. Clearing the backlog of forex obligations should be given top priority to restore the confidence of both local and foreign investors,” Yusuf emphasized.
It is evident that immediate action is required to address the forex crisis in Nigeria, and the CPPE is urging Governor Cardoso to take prompt measures to bring stability to the foreign exchange market and restore confidence among investors.
