STANBIC IBTC CHAIRMAN FAULTS CBN EXCHANGE RATE POLICY

Stanbic IBTC has warned that the fixed foreign exchange policy by the Central Bank of Nigeria (CBN) is unsustainable and will undermines plan to diversify the economy from crude oil.

Stanbic Chairman, Atedo Peterside, said the greatest policy uncertainty is an exchange rate policy regime that threatens the foundations of macroeconomic stability and appears to be unsustainable.

Peterside speaking at an investor conference in Lagos said dollar shortages in Nigeria had reached levels where “most investors are currently caught up in a frenzied pursuit of the cheapest available dollars.”

According to him, everybody wants to take foreign exchange out and nobody really wants to bring it in, adding that without investment there will be no new jobs.

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