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Forex Crisis Stakeholders proffer solutions at CBN dialogue

The event was attended by stakeholders and top officials of the Central Bank of Nigeria (CBN)

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Ways to get Nigeria out of economic recession and appreciate the value of the Naira in the international market, dominated discussions at the Forex policy dialogue which held at the Eko Hotel and Suites in Lagos on Tuesday, November 1, 2016.

The event was attended by stakeholders in the private sector, renowned economists, policy formulators, government representatives and top officials of the Central Bank of Nigeria (CBN).

The Forex policy dialogue was hosted by the Nigeria Economic Summit Group (NESG) in partnership with the British High Commission and DFID Nigeria’s Policy Development Facility.

Dr Ayo Teriba, an economist whose views have been sought by the economic management team in the Presidency, kicked off the session with a presentation on protecting the poor from adverse policy shocks.

Teriba advised government to put in place intervention programs and social security schemes for the poor during the recession.

Bismarck Rewane who is the CEO of Financial Derivatives Ltd, called for a transparent monetary policy regime from the CBN and the federal government.

According to Rewane, to deal with the liquidity crisis in the country, the CBN has to show transparency and assure investors that they won’t run at a loss should they choose to do business in Nigeria.

Segun Awolowo who was the government representative at the panel and Emmanuel Ukeje who is the Special Adviser to the CBN Governor Godwin Emefiele, promised to take suggestions from the dialogue into the economic management meetings in the Presidency.

Awolowo and Ukeje also assured the private sector that government will do all it can to improve the ease of doing business and diversify the economy.

The panelists and members of the audience alike, all agreed that the dialogue was a first step towards addressing Nigeria’s economic woes.

The government representatives said Nigeria’s dependence on a single commodity (crude oil) through the years,  is to blame for the recession and a weak currency.

The event was also graced by representatives of the Lagos Chamber of Commerce and Industry (LCCI), Small and Medium Scale Entrepreneurs Association of Nigeria (SMEDAN) and a cross section of blue-chip executives.

Andrew Fleming of the British High Commission assured that the dialogue will be a continuous exercise.

Fleming noted that the forum was a success because it provided an avenue for the private and public sectors to interact, compare notes and proffer solutions to Nigeria’s economic challenges.

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