Flexible exchange rate: Experts decry non-release of guidelines
Mon Jun 06, 2016 09:41:am Business
2.8K By sosa hills
Some capital market operators experts at the weekend decried the non-release of the flexible foreign exchange rate guidelines by the Central Bank of Nigeria (CBN), two weeks after the pronouncement was made public.
Speaking in Lagos to members of the News Agency of Nigeria NAN, they said the delay in releasing the guidelines was heightening uncertainties in the foreign exchange market.
Chief Operating Officer, Invest Data Limited, Ambrose Omorodion said the apex bank should hasten the process to reduce the uncertainties in the forex market and the economy in general.
Omorodion stated that a flexible exchange rate policy would certainly increase foreign investor participation in the Nigerian stock market.
"The delay was affecting economic growth and development, with prospective investors adopting a "wait and see attitude''.
National Secretary, Independent Shareholders Association of Nigeria (ISAN), Mr. Adebayo Adeleke said that a flexible exchange rate would ease the business and investment climate in the country.
Adeleke, who explained that a flexible exchange rate was a back door devaluation of the Naira, said the guidelines should be released as soon as possible, to aid investment decisions.
He predicted that there would be a slight upward swing in the market this month, as people would cautiously return to it.
Commenting also, President Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie said the apex bank should ensure a friendly forex regime to save the capital market and the economy in general.
"Many industries were struggling because of lack of forex to import the much needed raw materials".
According to him, the CBN should devise another means that would ensure the availability of forex for genuine businessmen and foreign investors.
Speaking in Lagos to members of the News Agency of Nigeria NAN, they said the delay in releasing the guidelines was heightening uncertainties in the foreign exchange market.
Chief Operating Officer, Invest Data Limited, Ambrose Omorodion said the apex bank should hasten the process to reduce the uncertainties in the forex market and the economy in general.
Omorodion stated that a flexible exchange rate policy would certainly increase foreign investor participation in the Nigerian stock market.
"The delay was affecting economic growth and development, with prospective investors adopting a "wait and see attitude''.
National Secretary, Independent Shareholders Association of Nigeria (ISAN), Mr. Adebayo Adeleke said that a flexible exchange rate would ease the business and investment climate in the country.
Adeleke, who explained that a flexible exchange rate was a back door devaluation of the Naira, said the guidelines should be released as soon as possible, to aid investment decisions.
He predicted that there would be a slight upward swing in the market this month, as people would cautiously return to it.
Commenting also, President Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie said the apex bank should ensure a friendly forex regime to save the capital market and the economy in general.
"Many industries were struggling because of lack of forex to import the much needed raw materials".
According to him, the CBN should devise another means that would ensure the availability of forex for genuine businessmen and foreign investors.
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