Given the downward pressure on naira as a result of the steep decline in foreign currency revenue accruing to government from petroleum, the Central Bank of Nigeria (CBN) has taken a series of measures aimed at addressing the issues such as naira devaluation, the introduction of ‘Naira 4 Dollar Scheme’ for diaspora remittances, the ban of the sale of foreign exchange to Bureaux De Change (BDC) operators amongst others.
Despite these monetary policies established by the apex bank to stabilize the Nigerian foreign exchange market, the gap in exchange rates still remains wide, making it difficult for businesses to source for forex whilst limiting the topline performance for consumer goods players.
However, with no near-term end to cost pressures, economists are of the view that Monetary and foreign exchange policy rigidities may pose a risk to the economic growth outlook in the new year as there are no indications of any significant shift in monetary and foreign exchange policy stance in the near term.
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