Some financial experts have commended the Federal Government for some of its monetary policies that have led to the steady appreciation of the Naira against the dollar. Reports say on Thursday in Abuja that the Naira exchanged for as high as N1,900 to the dollar in February. However, the currency has gradually appreciated after the last Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN).
According to a past president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, the aggressive monetary policy tightening adopted by the CBN appears to be paying off. Unegbu urged the apex bank to continue its monetary policy tightening while improving in the forex liquidity. A lot of people criticised the aggressive monetary policy tightening on the CBN, but it seems to be paying off. It is not yet time to celebrate, though I urge the CBN to do more to improve dollar liquidity and further push down the dollar exchange rate,’’ he said, He said that the action against Binance, a global company that operates the largest cryptocurrency exchange, had also yielded positive results. Dr Wunmi Bewaji, a securities and financial regulation expert, said that the current momentum of Nigeria’s Naira against the dollar was sustainable.
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