The message from the Governor:
“The only exchange rate market is the Investors and Exporters window, which is the market that we expect everybody that wants to buy or sell dollars to use.
“I am sorry to say: I do not recognise any other market. We’ve asked ourselves at the CBN, why did we have to wait so long?
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“CBN remained the only central bank in the world to dip its hands into our commonwealth mad pack dollars to BDCs all in an effort to stabilise the exchange rate,”
- CBN Governor, Godwin Emefiele during the Monetary Policy Council meeting which was held today, Friday, September 17, 2021.
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The man Emefiele is trying to do something, what is not clear is how effective it is, especially in the short and medium terms. Monetary policy alone cannot do all the heavy lifting, fiscal side of things needs to be working hard too. Our needs far outweigh our resources.
If Buhari is sweating on this naira challenge like Emefiele, maybe by now we might be seeing some signs of stability.
EFCC needs to be working too, once you present fake document to get forex, you need to be picked up immediately, nobody needs to be calling you, begging you to return the dollars.
At the moment, it just seems like everyone is relaxed, waiting for only Emefiele to deliver the magic bullet that will save naira, the man is aging faster, because managing naira seems to be harder than running Nigeria.
We shall overcome.
The biggest corruptions in the forex market is in the fake or inflated invoices for letter of credit. Chinese.indian and all other foriegners are killing our naira with conspiration with our domestics money operators. I saw one letter of credit with usd 1m but the true value is not more than 50k usd.