…insists currency swap ‘harshly applied’
The President, Bola Tinubu has said the monetary policy of the country needs a thorough house cleansing.
Tinubu also said the Central Bank of Nigeria must work towards an exchange rate.
He spoke after taking the Oath of Office in Abuja on Monday.
Tinubu stressed, “Monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.”
He noted further that the interest rate must be reduced to increase investments in the country.
Tinubu stated, “Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN, given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” the president remarked.
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