CBN urges implementation of exchange stabilization efforts

CBN urges implementation of exchange stabilization efforts

The Center for the Promotion of Private Enterprise (CPPE) has encouraged the Central Bank of Nigeria to take steps to ease pressure on the foreign exchange market.

This advice was given by the Chief Executive Officer of CPPE, Dr. Muda Yusuf, in an interview with reporters in Lagos on Friday.

Commenting on the strategy to increase liquidity and stabilize the foreign exchange market, Yusuf said: Yusuf said up to 70 percent of the backlog has been cleared.

“Efforts are also being made to improve the export of crude oil, because if you can improve the production, you will definitely improve the inflow of foreign exchange. So these are measures taken that should have an effect.” he stated.

The CPPE chief also expressed concern about the lack of tangible results.

“How quickly these will start to translate into concrete results is another story. At least we have seen the impact that some of the backlogs have had on the naira and that has also had an impact on the market. There is.”

Mr. Yusuf said food inflation is influenced and controlled by exchange rates, asserting that exchange rates and inflation are closely related.

He said he believed that if the CBN could stabilize the currency rate, Nigeria would be able to control inflation.


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