Royal Times of Nigeria.
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
TRENDING
Banks must accept old naira notes after 10...
Ukraine To Receive 120 – 140 Tanks In...
 Dozens Killed In Burkina Faso Militant Attacks
 Two Die, Four Rescued In Lagos Tanker Accident
Kwara  House of Assembly Service Commission Amendment Bill...
Kogi Assembly recalls four suspended members
 Niger APC Shuns Tinubu Campaign Rally In New...
INEC Commences Distribution Of Nonsensitive Material In Nasarawa
Lassa Fever: NCDC Confirms 37 Deaths In Three...
We’ve enough new naira notes for all, CBN...
Nigeria’s Public Debt Stock Increases To N44.06trn In...
Liverpool Plot Shock Transfer For Chelsea Midfield Star
Chelsea Reportedly Accept Arsenal Bid For Jorginho
Congo Tightens Security Ahead Of Pope Francis’ Visit
Kwara Police Arrest Suspected Cultist, Recovers Two Locally...

Royal Times of Nigeria.

Banner
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
Business & EconomyNews

CBN must eliminate multiple exchange rates – Soludo

written by Samuel Etuk April 25, 2017
CBN must eliminate multiple exchange rates – Soludo

Former governor of the Central Bank of Nigeria (CBN), Charles Soludo has called on the Federal Government to scrap the multiple exchange rates in the country.

Soludo said this in Lagos while fielding questions from journalists shortly after an event organised by the Institute of Chartered Accountants of Nigeria where he was the Chairman of the Economic Discourse.

Soludo said policymakers must get the country out of the current multiple exchange rates’ regime and reduce the wide spread between the official and parallel market exchange rates.

He said; “With regards to exchange rate, I can see quite some changes in the last few weeks. I think some steps are beginning to be taken, but it is still quite a long way to go to get to a stable and predictable level that eliminates the premium among the multiplicity of exchange rates.

“Nigeria must get out of multiple exchange rates and we must eliminate the premium, get it back on track at a competitive exchange rate regime. The uncertainty that is created by that is so enormous; and with the oil price rising and with the increase in oil earnings, this is the time to take bold steps and do the needful.”

“It was easy to eliminate the multiple exchange rates and close the gap because it has been done before”.

“On bold steps, the template is not too far. We have done it before and it is just going back to it. If it (the template) is not broken, why mend it? Get back and eliminate the multiple exchange rate regime, eliminate the premium, or at least significantly reduce it to not more than between three to maximum of five per cent premium between the parallel and official exchange rates.

“On what it takes to do it, that is basically known. Get the public finance okay; I can tell you that with the momentum of what is going on in the rest of the world, by the end of this year, we should actually be having stocks of reserves in the range of about $50bn or $60bn.”

Join our twitter community :

Follow @royaltimesng
0 comment
0
Facebook Twitter Google + Pinterest
Samuel Etuk

Passionate unapologetic Nigerian, highly spontaneous, web content writer cum social media strategist, gidi hustler and Akwa-ibomite in diaspora

previous post
EFCC charges ex-Niger gov Aliyu with N3bn fraud
next post
World Bank applauds Fashola’s power plan, offers financial support

You may also like

Monkeypox: Suspected cases risde to 74 in 11...

October 18, 2017

Kano trains 60 Fulani youths on artificial insemination

June 7, 2017

Nigeria improves on HIV ranking, now fourth worst...

March 15, 2019

Chioma Ajunwa becomes A/Commissioner of Police

December 13, 2017

ECOWAS Parliament adopts 2018 community budget

November 28, 2017

Soldiers rescue six hostages as offensive against terrorists...

September 13, 2022

Igbo quit notice: We are addressing the issue...

June 14, 2017

AbdulRazaq Equips 54 Kwara Schools With Furnitures

April 23, 2021

Ilorin Emirate Descendants Progressive Union (IEPDU) 53rd annual...

December 26, 2018

Coronavirus: FIFA recommends March, April internationals be postponed

March 14, 2020

Leave a Comment Cancel Reply

Facebook

Editorial Opinion

  • 1

    2023 Elections: “Data Boys”, Need for Caution

    August 9, 2022
  • 2

    PARENTS CHARGED TO IMMUNIZE THEIR CHILDREN AGAINST DEADLY ROTAVIRUS

    August 27, 2022
  • Burna Boy to Release Mini Documentary for Single titled “Whiskey”

    December 7, 2022
  • Ruger releases long awaited song

    November 15, 2022
  • Vice President Osinbajo Dances, Sings Kizz Daniel’s ‘Buga’ At World Tourism Conference

    November 15, 2022
  • Davido Postpones Atlanta Festival Till 2023

    November 10, 2022
  • TIWA, REVISITS LEAKED VIDEO, SAYS TAPE CANNOT RUIN HER

    November 8, 2022
  • Chelsea Reportedly Accept Arsenal Bid For Jorginho

    January 31, 2023
  • Nigeria qualify for 2023 FIVB Volleyball Girls’ Under 19 World Championship

    January 31, 2023
  • Kwara United coaches given 2-matches ultimatum as team loses to Enyimba

    January 30, 2023
  • Kwara Government Set To Commission Modern Glass Squash Courts

    January 26, 2023
  • Linette To Face Sabalenka In Australian Open Semi-Finals

    January 25, 2023
  • Facebook
  • Twitter
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy

@2017 -Royaltimes of Nigeria. All Right Reserved.

Posting....