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CIBN to CBN: Policies should focus on increasing revenue from non-oil exports

CIBN to CBN: Policies should focus on increasing revenue from non-oil exports
November 24
23:13 2023

The Chartered Institute of Bankers of Nigeria (CIBN) says the focus of the Central Bank of Nigeria (CBN) should continue to be on policies that will increase revenue from non-oil exports, draw in foreign portfolio investors, and encourage diaspora investment.

Ken Opara, president and chairman of CIBN, made this known in a statement on Friday. 

The CIBN president said within the short period in office, Yemi Cardoso, CBN governor, has activated notable initiatives “aimed at repositioning and stabilising the economy”. 

He listed the achievements as focusing on the core monetary policy mandate of price and exchange rate stability, unification of the exchange rate, and initiating steps to boost liquidity in the foreign exchange market through the commencement of settlement of mature forward obligations.

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The others, Opara said, are market reflective rates for government treasury securities to ensure that investors get real positive yields on their investments, and joint issuance of advisory notice by the CBN in conjunction with the financial services regulation coordinating committee (FSCRCC) and National Broadcasting Commission (NBC) to end the scourge of illegal financial operators (IFOs) in Nigeria.

“This is a journey, and we are not oblivious of the inflationary pressures that have intensified to an all-time high of 27.33 percent in October 2023 while the exchange rate continues to rise,” he said. 

“We believe that the focus should continue to be on reforms and incentives that will boost non-oil export revenue as well as attract diaspora and foreign portfolio investment.” 

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He said these achievements tie into President Bola Tinubu’s eight-point agenda which aims for economic growth, job creation, food security, poverty reduction, improved security, rule of law, corruption fight, and improved business operations.

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