As part of our monetary policy, we will seek to re-establish the independence of the CBN; and commit to a credible and transparent plan to normalize the exchange rate and bring inflation to single digits.
We will remove import and forex restrictions and insist on a single forex market. The current system penalizes exporters who bring in forex by forcing them to sell at a rate that they are unable to source for forex when they need to purchase forex.
This multiple exchange rate regime encourages capital flight and deters investment, which has further worsened Nigeria’s forex situation.
