President Bola Tinubu has stated that the country’s monetary policy requires a complete cleaning.
Tinubu also stated that the Central Bank of Nigeria must work toward establishing an exchange rate.
On Monday, he spoke after taking the Oath of Office in Abuja.
Tinubu stressed, “Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.”
He noted further that the interest rate must be reduced to increase investments in the country.
Tinubu stated, “Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN, given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” the president remarked.