In a major move to safeguard Nigeria's Foreign exchange market and curb rising inflation, the Office of the National Security Adviser (ONSA) has aligned with the CBN to crush dollar speculators in the country.
I recall that former President Muhammadu Buhari, speaking at the unveiling of the company, said that the NNPC Limited will operate free from institutional regulations, such as the Treasury Single Account, public procurement, and the Fiscal Responsibility Act.
In the short and medium term, the managers of our economy having flaoted the FX market in order to increase FX supply should also prioritize FX demand in the investors/exporters window to enable us manage our excess demand for FX. This will go along way in easing the pressure on the Naira.
He said other measures taken include the removal of the allowable limit of the exchange rate quoted by IMTOs to liberalise further the Nigerian foreign exchange market and the issuance of a circular on financial markets price transparency to enhance efficient price discovery and orderly conduct in the foreign exchange market.
Mr. Cardoso revealed that imports requiring dollars amounted to $16.65 billion in 1980 but that, “by 2014, the annual import expenditure had significantly surged to $67.05 billion, although it gradually decreased to $54.71 billion as of last year.