How Brexit Will Boost Nigeria’s Forex Policy- CBN

The Central Bank of Nigeria (CBN) said that the decision of the Britain to leave the European Union (EU) will boost Nigeria’s foreign exchange policy.

Commenting on the outcome of the British referendum, CBN Deputy Governor, Economic Policy, Dr. Sarah Alade, told Reuters that the bank expected Britain’s vote to exit the European Union to be good for its foreign exchange policy as interest rates are likely to stay low in the U.S., channelling foreign investors to Nigeria.

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CBN Governor MR Godwin Emefiele
CBN Governor MR Godwin Emefiele

“We only need to take advantage of this opportunity to grow the economy,” she said.

Meanwhile the naira ended the first week of the revived interbank foreign exchange market on a positive note on Friday. From N281.67 per dollar on Thursday, the interbank exchange rate dropped to N281.14 per dollar for spot transactions, indicating 53 kobo appreciation.

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Recall that the revived interbank foreign exchange market commenced on Monday, with the CBN selling $4.2 billion on the spot and Futures market to clear backlog of matured foreign exchange obligations.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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