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CIBN supports Tinubu on exchange rate unification - THE NATION
The Chartered Institute of Bankers of Nigeria (CIBN) has commended President Bola Tinubu for unifying the Naira exchange rate to save the country from financial crisis.
The President/ Chairman of Council of CIBN, Dr Ken Opara, said the government’s decision tallied with the position of the institute on transparency and a free market that would allow the interplay of supply and demand.
Opara spoke at the 2023 Lagos Bankers Night with the theme, ” Exchange Rate Unification: Global Implications, Organisations and the Country”, on Friday night in Lagos.
“The Chartered Institute of Bankers of Nigeria totally supports the Central Bank of Nigeria’s reform as it relates to the unification of the exchange rate and other measures basically taken to ensure the true value of the Naira,” he said.
He added: “As a matter of fact, we have been advocating for this and during the week, Dr ‘Biodun Adedipe, leading other scholars, and Mr Laoye Jaiyeola of the Nigeria Economic Summit Group, gathered at the Bankers House to applaud the reform, especially as it relates to the unification of the exchange rate.
“We have seen that the effort that the Central Bank of Nigeria has initiated is already yielding dividend.
“We can see that the exchange rate between the Naira and the dollar has started coming down which means it
Opara said that the institute recently organised a half year economic review, where captains of industries also spoke in support of the reform.
He urged Nigerians to take advantage of the good opportunities offered by the reform, saying wherever there are challenges lie in opportunities. The CIBN president pledged the institute’s continued commitment to making contributions and suggestions relating to what should be done to support and grow the country.
He said: “As it is the concept of the industry; we played this role very well when the industry was facing challenges and we will continue to do that because we believe that the banking industry is very solid, stable and efficient.”
