The Centre for the Promotion of Private Enterprise (CPPE) has urged Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN) to create an autonomous window in the banking system.
This, the CPPE said, is one of the many actions that will end the confidence crisis in the foreign exchange market and curb the habit of forex flow into the parallel market.
In the report, the CPPE said Cardoso is assuming the leadership of the CBN at a very crucial time when “there is a serious confidence crisis in the foreign exchange market fueling an unprecedented speculative onslaught on the naira”.“The economy is grappling with severe adverse effects of depreciating exchange rate, soaring energy costs, ravaging inflationary pressures, huge backlog of foreign exchange obligations that needs to be cleared and debt service obligations that need to be redeemed.
The institution also asked that a high priority should be given to clearance of the backlog of FX obligations as part of efforts to restore the confidence of domestic and foreign investors.The centre also told the CBN to deepen the financial intermediation role of the commercial banks.“This responsibility entails the mobilization of financial resources from the surplus end of the economy, to the deficit segment of the economy,” the CPPE said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fix forex crisis urgently - CPPE advises CBN Governor CardosoThe Centre for the Promotion of Private Enterprise (CPPE) has urged the newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso, to
Read more »
CPPE urges new CBN gov to prioritise clearing forex backlogThe Centre for the Promotion of Private Enterprise has called on the newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso
Read more »
Suspend Naira redesign indefinitely - CPPE tells CBNThe Centre for the Promotion of Private Enterprise has urged the Central Bank of Nigeria to indefinitely suspend its Naira redesign policy. The Director
Read more »
BREAKING: CBN postpones interest-rate meeting scheduled for next weekThe Central Bank of Nigeria (CBN) has postponed its next monetary policy committee meeting scheduled for next week. The meeting scheduled for September 25-26 has been postponed until further notice, the apex bank said in a statement on Thursday. The meeting was supposed to be an avenue for the CBN’s planned announcement of its latest …
Read more »
JUST IN: CBN governor, Cardoso, 4 deputies assume office pending Senate confirmationThe newly-nominated Chief of the Central Bank, Yemi Cardoso, and four deputies have assumed their duties today. However, the Senate confirmation process for their appointments has yet to occur. This is due to the ongoing retreat for National Assembly leaders in Uyo, Akwa Ibom state. The Senate is expected to give its verdict on the …
Read more »
We will create a space where business, leisure converge, Says Obiukwu | The Guardian Nigeria NewsThe Director, Bolton White Group, Mr. Kingsley Obiukwu, has stated that the vision of the group is to create a space where business and leisure converge; where ideas flow freely and every detail embodies the essence of excellence. Obiukwu, who was talking about a proposed Convention Centre in Abuja, added that Bolton White Group was […]
Read more »