The Minister of Finance and National Planning, Zainab Ahmed, said the latest policy by the Central Bank of Nigeria (CBN) is pushing the naira towards a unified exchange rate to put an end to the multiple exchange rates that have bedeviled the country.
The minister made this known at the interactive session on the Medium Term Expenditure Framework (MTEF), organised by the House of Representatives Committee on Finance in Abuja.
She said that the policy has intensified the problem in the Nigerian capital market, thereby noting that foreign investors are still avoiding the capital market due to the policies.
“We have not seen the return of foreign investor’s Nigerian capital market. The situation is further compounded by the devaluation of naira by the Central Bank of Nigeria.
“However, the naira is moving towards unified exchange rate.”
The CBN devalued the naira in May by adopting the Nafex rate as the government’s official exchange rate for the naira. It devalued naira by 7.6% The rate had moved from between N379 and N410 to a dollar.