The Central Bank of Nigeria (CBN) needs to harmonise exchange rates to boost foreign portfolio investment, the Securities and Exchange Commission (SEC) has advised.
Speaking during Nairametrics Economic Outlook webinar themed: “Resetting Nigeria’s economic growth trajectory’’, Executive Commissioner (Operations) at the SEC, Dayo Obisan, said more foreign capital would be attracted to the economy when the exchange rates are harmonised.
The panelists include Partner fiscal policy and Africa tax leader, PwC, Taiwo Oyedele; Managing Director/CEO FITC, Chizor Malize, and Managing Director/CEO Cowry Asset Management Ltd/Chairman,
Fidelity Pension, Johnson Chukwu. Obisan said he was confident that the apex bank was working towards achieving a unified exchange rate policy. Obisan, who represented the Director-General of the SEC, Lamido Yuguda, called for the floating of the naira and allowing the forces of demand and supply to determine the exchange rate for the naira. According to him, the implementation of the National Development Plan would help to achieve economic growth in the country.
“The task before the authorities is the proper implementation of the National Development Plan. We should work very hard towards import substitution. There should be sustainable productivity to give the country a leap in its quest for economic growth,” he stated.
