CBN Deputy Governor Nominee Wants Foreign Exchange Sources Diversification

CBN Deputy Governor Nominee Wants Foreign Exchange Sources Diversification

Mrs Aisha Ahmad, a nominee for deputy governorship of Central Bank of Nigeria (CBN) on Monday advocated non-oil exports-boosting policies, saying they were crucial in diversifying nation's sources of foreign exchange.

Ahmad made the call while being screened by the Senate Committee on Banking and Finance.
The Senate on Wednesday mandated the committee to begin the process of confirming four presidential nominees as members of the Monetary Policy Committee (MPC) and two others as Deputy Governor of the CBN.
"One of the key challenges that we are facing is over-reliance on oil and our sensitivity to changes in the price and availability of oil.
"The real action we need to take concerning diversifying the economy is to diversify the sources of foreign exchange.
"It is a simple demand and supply situation; if you have a high demand for your good and supply is not there, there is a problem.
"Over the last 18 months we have seen a steady stabilization of our rates.
"What the importer and exporter window has done for us is to provide some assurance, some liquidity and some transparency in that market in terms of price.
"The stability we have seen has also encouraged some foreign investors to come and invest.
"While working on structural issues that are more long-term in diversifying our sources of foreign exchange, coming up with policies that stimulate domestic production and encourage exporters, we ensure we are converging on the rates.
"So, the difference between the official rates and the rates you have in some of the other channels are to be converged,'' she added.

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Written by NEWSTRAWL ONLINE UPDATE

Sodiq Oyeleke is a Media, Human Resources, Project Management and Public Relations Practitioner