A Market Determined FX Regime is Nigeria’s Best Option – Muda Yusuf

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Monday, September 27, 2021 / 10:00 AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV   A market-based rate regime is an approach Nigeria should adopt to manage its foreign exchange. Dr. Muda Yusuf, an economist and former Director-General of the Lagos Chamber of Commerce and Industry, made this point while giving his opinions on "FX Management & Nigeria's Economic Stability". Yusuf said a market-determined FX regime was more sustainable, transparent, predictable, and favourable for investors'.   He argued that this was far better than the fixed FX management, administrative allocation and over-concentration on demand management.   The economist noted that much of the crisis in the foreign exchange market today is self-inflicted, including the ones that are policy inflicted.   He said, "If we allow the market to play a bigger role in the FX market in Nigeria, we will likely see an adjustment from the supply
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