N’Assembly plans quick screening, private sector demands forex reforms (punchng.com)

N’Assembly plans quick screening, private sector demands forex reforms


The National Assembly has hinted on plans to expedite the screening of nominees for the positions of the Governor of the Central Bank of Nigeria as well as the deputies.

 Private sector’s demands

He said, “The new CBN governor, no doubt, has an audacious task ahead. However, the starting point would be to quickly tackle the persisting forex challenge which is the major reason for high inflation and rising interest rates in the economy.

“Addressing the forex challenge would most likely moderate both inflation and interest rates. In this regard, it is important to evaluate the true position of Nigerian’s external reserves to allay the recent controversy by JP Morgan, that the reserve is $3.9bn and not $33bn as presented by the last CBN management and determine the possible of intervention from the reserves.”

He added, “It is also important that the new management of the apex bank should strongly engage the presidency, which is also handling petroleum resources to broker how to upscale crude oil production to at least the  1.6 million barrels per day Organisation of Petroleum Exporting Countries quota for Nigeria to improve the level of forex inflow.

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