For me, the preliminary findings of the IMF Staff on Nigeria’s shambolic foreign exchange policy stand out. The era of multiple forex exchange rates must likewise end in Nigeria for this country to optimally utilise its forex. No doubt, if government forex is sold at market-based exchange rate, it would naturally eliminate sharp practices in the current official forex policy. Direct inflow of USD into a system where there is one useless official exchange rate (that is also artificially low) is usually hindered. Sharp practices are persisting in the purchase of official forex in Nigeria because of the huge gap between official and unofficial forex rates.
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