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Monday 20 June 2016

FOREX POLICY: IMF WELCOMES NEW CBN POLICY AS NAIRA APPRECIATES

Monday, June 20, 2016 Posted by Karifest Duchess No Comments

The International Monetary Fund on Thursday said it welcomed the decision by the CBN to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances. The CBN on Wednesday announced that a market-driven foreign exchange market would start on Monday, in the process abandoning the peg of N197 to the dollar that it had supported for 16 months. Financial experts have lauded the CBN for its courage to implement the market-determined exchange rate policy, saying it would bring down prices and eliminate market distortions.

“We are expecting an initial wide depreciation of the naira at the official window, but the rate could stabilize at around the present black market rate of 370, depending on how much dollars the central bank will be willing to push into the market,” a financial expert told Reuters.

The CBN governor in a letter sent to President Buhari was said to have noted that the naira would settle at around N250 against the greenback.

“I must assure Your Excellency that we are indeed reasonably optimistic that at some point, the rate will settle around 250 naira."

Gerry Rice, IMF spokesman, told a weekly news briefing that IMF wanted to see how effectively the naira exchange market would function once the new float system was put into effect on Monday.

“I think the announcement yesterday (Wednesday) to revise the guidelines for the operation of the Nigerian interbank foreign exchange market is an important and welcome step,” Gerry Rice told reporters, adding that “It will provide greater flexibility in that market, the foreign exchange market."
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