Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele has said that the bank may consider reviewing foreign exchange restrictions in the country if there is a drop in demand for dollars.
While speaking at a conference in London, Emefiele said “CBN had little choice in imposing the curbs in order to preserve foreign reserves.
“Once we have achieved a result, we can allow ourselves to look at a freer market. I think it is working and you should be patient with us. Demand for foreign exchange has dropped.”
He observed that the restrictions put in place in June conserve foreign exchange reserves and support the Naira have been effective.
Meanwhile a British financial expert, Mr. Gerard Lyons has urged President Muhammadu Buhari to quickly come up with new economic policies that will encourage investors to invest in Nigeria.
Lyons while delivering the keynote address at the Africa Pension Summit in Abuja said because ‘a great vision is the strength of the economy,’ the new government must create an economic policy that will be good for the country.
He added that investors cannot ignore Africa and that is why Nigeria with the largest market in the country has to create policies that will specifically attract investors.