Expert advises CBN to be transparent in forex allocation
March 15, 2017 | 1:16 pm| | | Start Conversation
A financial expert, Samuel Nzekwe, has advised the Central Bank of Nigeria (CBN) to be transparent in the allocation of foreign exchange resources
Nzekwe, who is a former President, Association of National Accountants of Nigeria (ANAN) gave the advice in an interview with the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun.
He said that the current efforts of the apex bank in providing more dollars to banks had drastically brought down inflation rate.
The National Bureau of Statistics r.reported on Tuesday that the nation’s inflation rate dropped from 18.7 in January to 17.7 per cent in February.
“Supply of forex by the CBN has contributed immensely to the drop of inflation and this implicates that the economy is recovering,’’ he said.
The accountant said that Nigeris had cost-push push inflation because prices of goods were due to the high cost of importing raw materials into the country.
He advised the CBN to maintain a single foreign exchange rate than operating multiple rates to sustain the tempos of economy recovery.
“The apex bank should not operate any preferred rate for anybody travelling out of the country for one purpose or the others,’’ he said.
Nzekwe said that the Federal Government should work harder to turn the nation to a producing country rather than consuming one.
“By producing, the nation would be self sufficient and earn foreign exchange from the non-oil sector that would indirectly bring down the inflation rate to single digit,’’ he said.
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