The Independent Media and Policy Initiative (IMPI) says the rate at which the Naira is appreciating against the dollar is a reflection of the bouquet of positive policies introduced by the Nigerian authorities and the Central Bank of Nigeria (CBN).
The Chairman of IMPI, Mr Niyi Akinsiju, stated this in a policy statement released in Abuja on Wednesday.
The Think-tank argued that the government and the CBN deserved commendation for the policies that were addressing the supply and demand sides of the foreign exchange market.
IMPI acknowledged that the resurgence of Naira in the forex market was as a result of CBN’s directive to banks on Net Open Position (NOP) as well as the clearing of the more than $7 billion foreign exchange backlog due to foreign investors.
It also cited CBN’s new status as the official revenue collection entity of the Nigeria National Petroleum Corporation Limited (NNPCL), saying that the country’s monetary and fiscal policy authority have done a good job.
The Think-tank added that the sale of dollars to BDCs at the rate of N1,251/$ is a clear indication of the possibility of increased value of the naira over the next few months.
(vitalnewsngr.com)
