CIBN Recommends ‘Managed’ Floating Of Naira - THE NATION

The Lagos office of the Chartered Institute of Bankers of Nigeria (CIBN) has suggested that the naira be allowed to float in a "managed" way.

Its Chairman, Mr. Adeyemo Adeoye, said that speculators could take advantage of the free floating plan.

He said that the gap between the official market and the parallel market was about N20 before the unification policy, but it is now N200.

"In other places, the amount of money in circulation is cut by making banks hold more reserves. In developed economies, the difference between the parallel market and the legal market is about 5%, but in Nigeria, it is about 80%," he said.

Adeoye spoke at a briefing about the CIBN chapter's 2023 Lagos Bankers Nite, which will be held today with the theme "Exchange rate unification: Global implications for households, organizations, and the country."

He told the Bola Tinubu Administration to put investment at the top of their list of priorities to help the economic sector.


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