The new President of the Federal Republic of Nigeria, President Bola Tinubu-GCFR, has said the Central Bank of Nigeria -CBN naira policy would be reviewed. He said this when he was making his speech at the inauguration ceremony that took place today May,29th, 2023 at the Eagle Square, Abuja.
According to the President, the policy was too harshly applied by the CBN on Nigerians given the number of unbanked Nigerians and as such ,the whole process would be reviewed in the main time Details
MONETARY POLICY
Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.
