CBN plans convergence of FX rates

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has announced plans to converge the multiple foreign exchange rates in Nigeria into a uniform system in the long term.

Emefiele disclosed this yesterday at the 3rd All Civil Society National Economic Summit on Sustainable Economic Policy Strategy in the Face of Economic Progression held in Abuja, saying the reason the bank allowed the current multiple exchange rate regime in the country is to encourage Small and Medium Enterprises (SMEs).

The over one thousand audience conference which attracted participants from the 36 states and FCT was organised by the Coalition of Civil Society Groups (CCSG).

“Before now it was difficult for those who were involved in SMEs to get foreign exchange from banks but the CBN realised that it was these SMEs that were needed to grow the economy and therefore gave directive to commercial banks to issue foreign exchange to SMEs at cheaper rates so that their businesses can still remain profitable,” a representative and Special Adviser to the CBN Governor, Mr Emmanuel Ukeje, told reporters.

Earlier, the President of CCSG, Etuk Bassey Williams, observed that the longterm economic growth is fundamental to Nigeria’s future and urged support for the CBN and BOI to ensure a stable and sustainable economic growth.