For the purpose of bolstering Nigeria’s macroeconomic economy and external reserves, the International Monetary Fund (IMF) has advocated for a single exchange rate.
Ari Aisen, the IMF representative for Nigeria, mentioned this in his keynote speech at the Financial Market Dealers Association (FMDA) quarterly meeting, which was recently held at First Bank Limited.
To maintain competitiveness benefits from any country-wide exchange rate adjustment, he proposed complementing macroeconomic and structural reforms.
The First Bank of Nigeria Limited’s Managing Director/CEO, Gbenga Shobo, agreed with the IMF’s assessment, saying that as the Nigerian financial market has developed over time, it is now important to develop strategies that will enable it to produce the desired results for everyone to see and benefit from.
The Executive Director and Chief Risk Officer, First Bank Limited, Olusegun Alebiosu, said the bank is committed to supporting federal government efforts to drive economic growth.
“And we are optimistic that the 2023 economy will grow generally because Nigerians are resilient, smart, and hardworking people that always come up with smart innovations.”
“It is promising that something great will come from the economy in 2023,” he said.
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