President Bola Tinubu has revealed plans to assess the currency swap policy implemented by the Central Bank of Nigeria (CBN) during his administration.
POLITICS NIGERIA reports that while expressing concerns over the impact of the current currency swap system on the vast number of unbanked individuals in Nigeria, Tinubu emphasised the need for a more inclusive approach.
In his efforts to foster meaningful investments, Tinubu outlined his vision of unifying the exchange rate.
According to him, by doing so, he aims to channel funds into sectors that can generate employment opportunities and spur economic growth.
Additionally, the president pledged to reduce interest rates to encourage increased investment, ultimately sustaining the economy at a higher level.
He said: “Monetary policy needs thorough house cleansing. 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.”
