The Central Bank of Nigeria (CBN) is not yet ready to unveil the details of the newly adopted flexible exchange rate system.
Besides, the apex bank has reiterated that it is unconstitutional for anyone to transact or request for transactions purposes in the country, any currency other than the naira and called on the public to report such activities to its Consumer Protection Department.
The bank’s Acting Director of Corporate Communications Department, Isaac Okorafor, who made these disclosures at a one-day interactive enlightenment session with stakeholders in Lagos at the weekend, said the flexible exchange rate policy had been adopted, but its details would be made public very soon.
According to him, until the unveiling of the details, those who demanded the foreign exchange only need to exercise little patience for the prioritisation of the available ones at the official exchange rate of N197.
Already, the President of Time Economics, Dr. Ogho Okiti, said notwithstanding the delay in the release of the new policy details, its introduction would help check some of the structural imbalances and provide “mitigating responses to the combination of internal and external shocks facing the economy.”
Okorafor noted that the CBN was very much abreast of the foreign exchange issue and with the new policy, it would soon be resolved.He lamented that it is only in Nigeria that people flout processes and walk away free, especially as regards the country’s legal tender, a development which has aggravated the foreign exchange challenges through speculations.