The Chartered Institute of Bankers of Nigeria (CIBN) praised the efforts by President Bola Tinubu towards stabilizing Nigeria’s forex rate adding that the effort of the Central Bank of Nigeria has initiated is already yielding dividends.
This was disclosed by its President/ Chairman, Dr Ken Opara, at the 2023 Lagos Bankers themed,” Exchange Rate Unification: Global Implications, Organisations, and the Country “, on Friday night in Lagos.
He added the CIBN now sees the exchange rate between the Naira and the dollar has started coming down which means it is a good initiative that is well thought out.
Transparency and Dividends
Dr Ken Opara said the institute has always advocated transparency and a free market that would allow the interplay of supply and demand.
He noted the Chartered Institute of Bankers of Nigeria supports the Central Bank of Nigeria’s reform as it relates to the unification of the exchange rate and other measures taken to ensure the true value of the Naira, adding:
- “We have been advocating for this and during the week, Dr. ‘Biodun Adedipe, leading other scholars, and Mr. Laoye Jaiyeola of the Nigeria Economic Summit Group, gathered at the Bankers House to applaud the reform, especially as it relates to the unification of the exchange rate.”
- “We have seen that the effort that the Central Bank of Nigeria has initiated is already yielding dividends.”
- “We can see that the exchange rate between the Naira and the dollar has started coming down which means it is a good initiative that is well thought out.”
The CIBN chief said they recently organized a half-year economic review, where captains of industries also spoke in support of the reform and urged Nigerians to take advantage of the good opportunities that the reform had presented, saying wherever there are challenges lie in opportunities.
Opara also pledged the institute’s commitment to making contributions and suggestions relating to monetary policy, saying:
- “As it is the concept of the industry; we played this role very well when the industry was facing challenges and we will continue to do that because we believe that the banking industry is very solid, stable, and efficient.”
He added the payment system in Nigeria was “the best” all over the world, stressing that it is a system that one could consummate transactions on an online real-time basis, citing this showed that the banking industry and its regulator had done well in stabilizing what an effective payment system.