The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso,has announced plans to launch a Foreign Exchange Code aimed at ensuring transparency and fairness in the foreign exchange market.
He disclosed this on Thursday at the launch of the NESG’s 2025 Macroeconomic Outlook Report .
“We are committed to reducing the disparity between bureau de change and official exchange rates while fostering exchange rate stability to attract foreign investments and support fiscal operations,”he added.
He commended NESG’s contributions to Nigeria’s socioeconomic discourse.
Cardoso said, “The launch of this Report highlights NESG’s commitment to fostering economic development.
“The CBN is taking transformative steps, including the establishment of a Compliance Department to align with global standards and enhance transparency. This department will be operational by February 2025.”
World Bank Senior Economist for Nigeria, Dr. Samer Matta, emphasised the need to mitigate the impact of reforms on the poor and vulnerable.
“Reforms are tough choices, but scaling up and financing social interventions is crucial for ensuring a sustainable future,” he said.
International Monetary Fund Country Representative for Nigeria,Dr. Christian Ebeke, addressed inflationary pressures caused by deficit financing.
“Creating money not backed by output has fueled inflation,” he explained. “Improved fiscal discipline is necessary to address this issue.”
Also speaking, Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, noted, “Borrowing is a better approach to deficit financing than printing money.
“Tax reforms, such as improved VAT collection and harmonization of tax processes, show that Nigeria is on the right path.
“These measures will enhance revenue generation and fiscal sustainability,” Oyedele said.
Professor Bright Eregha,a macroeconomics expert at Pan Atlantic University, also shared insights on Nigeria’s growth trajectory.
“We’ve seen real growth over the past three quarters, and I expect the average growth for 2024 to be higher than in recent years.
“If we sustain this momentum, 2025 could deliver even better outcomes,” he stated.
