The Centre for the Promotion of Private Enterprise (CPPE) on Monday cautioned the Central Bank of Nigeria (CBN) on the planned move to stop sale of forex to banks in the country.
The apex bank declared last week that it would stop sale of forex to banks by the end of this year.
This came about seven months after CBN stopped the sale of forex to Bureaux de Change (BDC) operators in Nigeria.
The Chief Executive Officer of CPPE, Muda Yusuf, in a chat with journalists in Lagos, said the CBN action would further compound the problems including business disruptions, macroeconomic dislocations and weakening of investors’ confidence in the financial sector.
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He said: “CPPE would like to caution that the apex bank should rigorously think through this proposition before implementation because of the likely systemic shocks, business disruptions, macroeconomic dislocations and weakening of investors’ confidence.
“A much deeper and robust I &E forex window should be in place before the CBN can contemplate a termination of its forex market interventions.”
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