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CBN New Forex Policy



The CBN is rolling out a new Forex Policy that is targeted more at influencing supply rather than control demand. 

You really cannot control demand. Demand is a function of behaviour, you can predict it, you can attempt to influence it but you cannot control it.

 Now that the government is putting in place measures to liberalize the forex exchange market, I believe we are finally focusing on economics and not politics. I whole heartedly support this move, it will not get better immediately but it will eventually get better.

 If we can get forex for genuine needs officially why go to the parallel market. Soon we will know the real value of the Naira.

This coming on the heels of government's change of policy in the Niger Delta from military engagement to dialogue gives me great joy.

 Production will go up as prices are also stabilizing at a rate well above our budget benchmark, government will also earn more from each dollar sold due to devaluation so in all we will have more resources to prosecute the 2017 budget. 

This is what we have been advocating for and gradually the government is listening and doing the right thing.

If someone now tells me to wait, I know what I am waiting for because there is a workable strategy in place. It will require fine tuning as we go along but it is built on sound economic principles and insight.

Things will get better, and it is more than a spiritual claim we can already see the works that will give life to our faith. It is well with Nigeria.

May we continue to receive more pleasant surprises in our national, corporate and individual lives

Written Kayode Olagesin
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