The
International Monetary Fund (IMF) has advised the Central Bank of Nigeria to
unify the country’s exchange rate system in order to avoid situations where
public and private sector decisions are distorted due to uncertainties.
The
body gave the advice during the unveiling of the World Economic Outlook report
released in Washington DC. Read also: Tips for New Importers
The
report titled, ‘Global manufacturing downturn, rising trade barriers’, was
unveiled by the IMF Economic Counsellor, Gita Gopinath, and the Chief of the
World Economic Studies Division of the IMF’s Research Department, Oya Celasun.
The
report also said there was a need for the government to come up with measures
to boost the non-oil revenue in order to spend more on social safety
programmes. Read also: US Air Consolidation Redefined
Gopinath
called on the Federal Government to implement stronger reforms to boost the
current level of infrastructure in the country as she described per capital
growth in Nigeria as weak, adding that strong measures were needed to lift the
growth into positive territory.
In
her address, Celasun said foreign exchange restrictions had been distorting
private and public sector decisions as well as holding back investments.
“Under
the exchange rate system, the CBN has Investors and Exporters Forex Window; the
CBN official rate; the parallel market rate; the Retail Secondary Market
Intervention Sales and the wholesale SMIS.
“There
was a need for the monetary authorities to strengthen the banking sector
resilience, while the fiscal authority should implement stronger structural
reforms.” She added.
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