CBN New Forex Policy 

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A pro- Buhari Media Support Group (BSMG) has described the recent policy unveiled by the Governor of the Central Bank of Nigeria, Godwin Emefiele to float the Naira in foreign exchange transactions as a measure that would promote economic growth. The group in a statement signed by its Coordinator, Mallam Muhammed Labbo and Secretary, Cassidy Madueke, said the bold step by the CBN to re-engineer the institutional framework of foreign exchange transactions in the country will engender the injection of more local and foreign investments into the country.

The group said that even though the new currency policy was still in its embryonic stage, its various components were a bold reflection of the fiscal policy of the Buhari administration which seeks to make the Naira a competitive currency in international trade. BMSG believes that this new policy will cleanse the Aegean stable whereby FOREX trading in the country was loosely regulated; while the CBN looked away when officials of government and their cronies became overnight foreign exchange traders. “