The Lagos State Chapter of the Chartered Institute of Bankers of Nigeria (CIBN), has faulted the free-loating of the Naira by the Tinubu administration. It stressed that no government in the world practices a free-floating exchange model to achieve a stable currency regime.
Speaking at the press conference to herald its 2023 Lagos Bankers Nite with the theme: “Exchange Rate Unification: Local implications for Households, Organisations and the Country,” scheduled to hold on August, 18, 2023, the Branch Chairman, CIBN Lagos State Branch, Mr. Adeyemo Adeoye, said rather than allow free-floating of the naira for the currency to be left entirely to the forces of demand and supply, adopting a managed float system would be desirable.
He expressed concern that since the unification of the forex rates, the gap between the official and parallel market rates has risen to over N200.
“In other climes, they reduce the supply of currency in the nation, by increasing the reserve ratio of banks. Naturally, you will see the impact on the value of the currency, but we have a peculiar economy here.
“The gap between the parallel market and the official market, the average is about five per cent in other developed economies,” but unlike in Nigeria, he stressed that the gap is so wide.
He, however, urged the Bola Tinubu -led administration to look inward by prioritising investment to boost the nation’s productive sectors.
Meanwhile, the Lagos State Branch of the Chartered Institute of Bankers of Nigeria (CIBN), has perfected plans to hold its 2023 Bankers Night on key policy issues affecting the nation’s economy.
The Chairman, Lagos State CIBN, Mr Adeyemo Adeoye, said at a media briefing on Tuesday in Lagos that the event would hold on Aug. 18, at the Federal Palace Hotel, Victoria Island.
Adeoye said the event with the theme: “Exchange Rate Unification: Global Implications for Households, Organisations and the Country,’’ would x-ray the challenges affecting the nation’s economic.
The theme, he said, was important because Nigeria’s economy was driven by imports and rarely manufactures anything.
“We are once again bringing to you our Lagos Bankers Night this year, after a period of absence of three years, due to slip-over effects and factors that were not unrelated to the global pandemic. The last outing was in 2019.
“This is our flagship programme and we use it as a platform to raise revenue, rally-round a large number of professionals, within and outside the industry, to discuss topical issues and improve networking opportunities for our members.
“It is the institute’s larger strategy of promoting financial enlightenment, and providing platforms for discussing key policy issues that will strengthen the nation’s economy,’’ Adeoye said.
Adeoye said Dr Biodun Adedipe, Founder and Chief Consultant at B.Adedipe Associates (BAA Consult), would be the guest speaker.
He added that Mr George Onafowokan, the Managing Director, Coleman Wires and Cables, would be the Chairman of event.
According to him, the Chief Host of the event will be the President of the CIBN, Dr Ken Opara.
BRANDPOWER reports that the event is an annual event where major financial policies are reviewed and new focus articulated, with well over 500 high profile banking/financial practitioners and other institutions in attendance.
