The Chartered Institute of Bankers of Nigeria has applauded President Bola Tinubu’s efforts to stabilize Nigeria’s exchange rate and noted that the Central Bank of Nigeria’s initial efforts are already paying off.
This was revealed by its President/Chairman, Dr. Ken Opara, at the 2023 Lagos Bankers event on Friday night in Lagos, which had as its theme “Exchange Rate Unification: Global Implications, Organisations, and the Country.”
He continued by saying that the CIBN presently notices a decline in the exchange rate between the Naira and the dollar, indicating the approach is a wise one.
According to Dr. Ken Opara, the institute has consistently supported openness and a free market that would let the interaction of supply and demand.
In relation to the unification of the exchange rate and other steps taken to ensure the genuine value of the Naira, he said that the Chartered Institute of Bankers of Nigeria supports the Central Bank of Nigeria’s reform.
“We have been pushing for this and last week, Mr. Laoye Jaiyeola of the Nigeria Economic Summit Group, Dr. Biodun Adedipe, and other prominent scholars gathered at the Bankers House to applaud the reform, particularly as it relates to the unification of the currency rate.
“We have observed that the Central Bank of Nigeria’s initiative is already producing results.”
He said: “We can see that the Naira to dollar exchange rate has begun to decline, indicating that it is a good initiative that is well thought out.”
The head of CIBN claimed that they recently had a half-year economic review at which captains of industry also spoke in favour of the reform and advised Nigerians to seize the favourable chances it had created, stating that opportunities always exist where there are obstacles.
In addition, Opara reaffirmed the institute’s commitment to offering proposals and contributions in the area of monetary policy, saying:
“As it is the notion of the industry, we played this function exceptionally effectively while the industry was suffering difficulties, and we will keep doing that because we feel that the banking sector is very solid, stable, and efficient.”
