The Securities and Exchange Commission, SEC, has advocated for a unified foreign exchange rate in order to attract Foreign Portfolio Investment, FPI, into the country. The Commission said that the Central Bank of Nigeria (CBN) needs to harmonise exchange rates to boost FPI which has been on the downside for over two years.
Speaking during Nairametrics Economic Outlook webinar themed: “Resetting Nigeria’s economic growth trajectory”, SEC’s Executive Commissioner, Operations, Dayo Obisan, stated: “More foreign capital would be attracted to the economy when the exchange rates are harmonised.”
He said he was confident that the apex bank was working towards achieving a unified exchange rate policy. Obisan also called for the floating of the naira and allowing the forces of demand and supply to determine the exchange rate for the naira.