Emmanuel shares with FORBES AFRICA: “The increase from $468 million to $2.55 billion serve as evidence that aligning official I&E rates with spot
Emmanuel shares with FORBES AFRICA: “The increase from $468 million to $2.55 billion serve as evidence that aligning official I&E rates with spot rates leads to increased independent government revenues, higher foreign direct investment (FDI)/foreign portfolio investment (FPI) funds, improved diaspora remittances, and enhanced net export proceeds.”
However, he is concerned that “the widening of the black-market premium to 18%, which reflects the apex bank’s hesitance to merge the I&E window with spot rates, indicates that the CBN has not fully embraced a floating exchange rate system”.
www.forbesafrica.com
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