An expert in economic and financial policy has commended the Central Bank of Nigeria (CBN) for its recent foreign exchange (FX) reforms, which are seen as a key driver of economic stabilization and growth for the nation.
The CBN’s new measures, aimed at enhancing transparency, improving liquidity, and promoting stability within the FX market, have garnered praise from leading economic analysts. The reforms are expected to ease the challenges of accessing foreign currency for businesses and individuals, while also contributing to Nigeria’s economic resilience amidst global uncertainties.
Dr. Adebayo Omotayo, a respected economist and former financial advisor to government institutions, applauded the CBN’s proactive steps in aligning the FX market with international best practices. According to Dr. Omotayo, the reforms will help curb speculation, reduce volatility, and foster confidence in the Naira, all while bolstering Nigeria’s economic growth prospects.
“The CBN’s strategic approach to foreign exchange management is a step in the right direction. The move to unify the exchange rates, coupled with enhanced market interventions, ensures that businesses have greater access to the dollars they need for international trade. This will improve production, enhance investor confidence, and, ultimately, drive Nigeria’s long-term economic development,” Dr. Omotayo said.
The CBN’s FX reforms are designed to stimulate both domestic and foreign investment by providing a more predictable and stable environment for currency exchange. The policies also aim to reduce the pressure on Nigeria’s foreign reserves and to minimize the risks of external debt defaults. Experts predict that the new measures will serve as a catalyst for economic diversification and the reduction of Nigeria's reliance on oil revenues.