Nigeria: CIBN Commends CBN’s Exchange Rate Unification Efforts, Highlights Positive Outcomes

The Chartered Institute of Bankers of Nigeria (CIBN) has lauded the initiatives led by President Bola Tinubu aimed at stabilizing Nigeria’s foreign exchange rate. According to CIBN’s President/Chairman, Dr. Ken Opara, the efforts of the Central Bank of Nigeria (CBN) towards exchange rate unification are already yielding positive results.

Dr. Opara shared these sentiments during the 2023 Lagos Bankers event themed “Exchange Rate Unification: Global Implications, Organizations, and the Country” held on Friday night in Lagos.

Acknowledging Positive Trends

Dr. Ken Opara noted that the institute perceives a reduction in the exchange rate between the Naira and the dollar, indicating that the initiative is a well-considered and promising step.

Transparency and Gains

The institute’s President emphasized CIBN’s long-standing advocacy for transparency and an open market that facilitates the interaction between supply and demand.

He reaffirmed the CIBN’s support for the Central Bank of Nigeria’s reforms, particularly in terms of exchange rate unification and other measures aimed at establishing the true value of the Naira. In his words:

“We have consistently advocated for this, and during the past week, Dr. ‘Biodun Adedipe, alongside other scholars, and Mr. Laoye Jaiyeola of the Nigeria Economic Summit Group, convened at the Bankers House to applaud the reforms, especially regarding the unification of the exchange rate.”
“We have observed that the initiatives put forth by the Central Bank of Nigeria are already producing positive outcomes.”
“It’s evident that the exchange rate between the Naira and the dollar is showing signs of improvement, underscoring the well-planned nature of this initiative.”

Further, Dr. Opara mentioned that the institute recently organized a half-year economic review, where industry leaders voiced support for the reforms and encouraged Nigerians to capitalize on the opportunities that the reforms offer, emphasizing that challenges often come with potential opportunities.

Sustained Backing

Opara pledged the CIBN’s unwavering dedication to contributing ideas and recommendations related to monetary policy, stating:

“As part of our industry ethos, we have fulfilled this role commendably during challenging times, and we will continue to do so because we firmly believe that the banking industry remains solid, stable, and efficient.”
He also highlighted Nigeria’s payment system as one of the world’s finest, emphasizing its ability to facilitate real-time online transactions. This, he stressed, showcases the banking industry’s and the regulator’s success in establishing a robust payment system.